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The Australian dollar continued Friday's growth in today's Asian session due to the release of optimistic economic indicators for China. In June, retail sales in China increased from 8.6% y/y to 9.8% y/y and the investment in fixed assets increased from 5.6% y/y to 5.8% y/y. The industrial production expanded immediately from 5.0% y/y to 6.3% y/y. However, the GDP for the second quarter was 6.2% at an annual rate versus 6.4% in the first quarter and the unemployment rate increased from 5.0% to 5.1%. For the whole week, there will be no important data in Australia.
On the daily chart, the price overcame the upper limit of the price channel, approaching the signal level of 0.7049, which was the maximum of July 4. A fixation beyond it can bring the price to a strong level of 138.2% Fibonacci at a price of 0.7130. However, two small resistances are waiting for the "Australian" around 0.7070 (110.0% Fibonacci) and 0.7100 (123.6%). A downward reversal can take place from any of them with the formation of convergence at the Marlin oscillator as the signal line rises slow. In other words, the growth of the Australian dollar is fraught with increased risks.
On the four-hour chart, the price continues to rise above the balance lines and MACD. The signal line of the Marlin oscillator currently shows no signs of a reversal. For now, there is a short-term growth.
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