Buy on a level breakthrough of 0.7520 with 0.7573 target. Stop loss = 0.7470.
Reason for the trading strategy
In May, the number of permits issued for new construction in Australia fell by 5.2% (m/m), with the expected decline of 3.6% (m/m). The statistics, signaling a deterioration of business activity in the construction sector, was ignored by the Aussie. With the reduction in interest rates in the US and Europe, market participants are buying the high-yielding Aussie as part of the carry trade operations.