Australia's Services PMI Rises to 50.5, Exceeding Expectations
- PMI Recovery: Australia's S&P Global Services PMI for June reached 50.5, surpassing the market forecast of 49.9, indicating a slight expansion in business activity after months of contraction, suggesting initial signs of economic stabilization.
- Significant Economic Impact: A PMI reading above 50 signals expansion in the services sector, which plays a crucial role in Australia's GDP and employment, making this data point vital for policymakers and market participants alike.
- Interest Rate Considerations: With ongoing high interest rates and inflationary pressures, the Reserve Bank of Australia has maintained the cash rate at 4.35% since November 2023; the improvement in PMI may alleviate near-term rate cut pressures, influencing future monetary policy directions.
- Investor Confidence: While the uptick in PMI provides a positive signal for the services sector, the reading's proximity to 50 indicates fragile growth, leading investors to adopt a cautious stance towards the Australian dollar, closely monitoring other economic indicators.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0159 | 0.0234 | 0.0301 | 0.0376 | 0.0443 | 0.0518 | 0.0585 |
| Fibonacci | 0.0234 | 0.0288 | 0.0321 | 0.0376 | 0.043 | 0.0463 | 0.0518 |
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