Sell on a level breakthrough of 0.7707 with 0.7598 target. Stop loss = 0.7760.
Reason for the trading strategy
In April, the volume of retail sales in Australia did not change on a monthly basis with an expected growth of 0.4% (m/m). In the same month, Australia's trade balance fell from -1.23 billion to -3.89 billion Australian dollars. The decline of the first indicator signals a weakness in consumer spending, the decline of the second indicator signals a lack of competitiveness of Australian products in the international markets.