The Australian real estate sector is likely to continue to shrink as infected by Coronavirus, according to an announcement from the Australian Government Statistics Office.

Total housing approvals for new construction is more than 12,736 units, down by 16.4% from April to May. Compared to the last 12 months, the drop is only 11.6%.

According to the data, 8,515 private houses were down 4.4% on a monthly report. Year-on-year, the decline is only 0.4%.

In addition, more than 3,920 units are allowed on non-residential buildings on a monthly data, down 34.9%. Year on Year, down to 30. 6% only.

Australia’s central bank today injects cash into daily financial markets as planned to inject more than AUD 2.32 billion by today according to the announcement.

Pivot point: 0.68800

Resistance1:​ ​ 0.69300  ​Support 1:​ ​   0.68500

Resistance2:​  ​0.69600  ​ Support 2:​ ​ ​  0.68000

Resistance3:​  ​0.70100  ​ Support 3:​    ​0.67700

Traders should buy AUD: 0.68700, Set Take Profit: 0.69400, Stop loss: 0.68200.

Analyzed by: Mr. Long Samnang，Independent Analyst