Australia's Trade Balance Swings to $3,018M Deficit in May
- Surge in Trade Deficit: Australia's trade balance unexpectedly swung to a deficit of $3,018 million in May, a stark reversal from the $4,900 million surplus in April, indicating potential economic pressures that could impact the Australian dollar's value.
- Import Growth: Imports rose by 8.2% month-on-month, significantly outpacing the 1.5% increase in exports, suggesting robust domestic demand despite a softening global economic outlook, particularly driven by capital goods and consumer electronics.
- Market Reaction: The AUD/USD pair sharply dropped from around 0.6670 to test support near 0.6630 following the data release, reflecting a recalibration of market expectations regarding the Reserve Bank of Australia's policy direction, as a deteriorating trade balance is typically viewed negatively for a currency.
- Uncertain Policy Outlook: The unexpected trade deficit may compel the RBA to adopt a more cautious stance in its monetary policy, as it navigates between controlling inflation and supporting growth, with upcoming data releases being crucial for assessing the economic landscape.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 2 indicators are flashing buy, while 2 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 | 0.0233 | 0.0301 | 0.0375 | 0.0443 | 0.0517 | 0.0585 |
| Fibonacci | 0.0233 | 0.0288 | 0.0321 | 0.0375 | 0.043 | 0.0463 | 0.0517 |
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