The Reserve Bank of Australia has released more than A $ 622 million in daily transactions into the financial markets to ease congestion caused by the coronavirus.

Australia’s Westpac Leading Index, also known as the MI Leading Index, showed the economy is recovering from 0.2% to 0.4%. It should also be noted that this index is composed of: Australian public spending confidence, real estate investment, stock price representing the country, commodity prices, raw materials and the average hourly hours of Australian work.

Data on Australia’s retail revenue in June 2020 increased by 2.4% compared to June 2019, and the retail sales situation is up to 8.2%, according to a report released by the Australian Bureau of Statistics.

Pivot Point: 0.71000

R1: 0.71800                         S1: 0.70500

R2: 0.72300                         S2: 0.69600

R3: 0.73200                         S3: 0.69200

Today forecast, investor should make a long position in USD/AUD product at current price of 0.71300 by setting take profit at 0.72000 and stop loss at 0.70800.

Analyzed by： Mr. Long Samnang，Independent Analyst