The Australian Dollar experienced a decline and had to be pulled back a bit in the trading session on Thursday and has now reached the 0.67 level. This level is considered a new area as support for the Australian Dollar. So it's time to buy AUD before the price goes up.

According to many analysts, the Australian Dollar is on the hard edge by looking at the multiple candlesticks at the same level. It does look very bullish also in short-term trading. But resistance above in Aussie Dollar can also be seen as coming into play.

Monetary conditions worldwide are considered to be one thing that will slow down the global economy, including the Australian Economy. Forex trading now tends to avoid certain levels that can trigger unpredictable bounces.

Primarily if a global recession causes much monetary polity, the market is now in short-term rallies, which shows selling opportunities in the next two days, but traders are now tempted to go into this AUD Market for a quick profit.

Australian Economic Growth Slowers Because the Australian Central Bank Still Sets a High-Interest Rate

The current condition of the Australian Economy is different from what many people predicted. Amidst the existing monetary conditions, the Australian Economy experienced slow growth.

So it is still time for the central bank to pause its high-interest rate. Despite the more vital private investment data earlier this week, expectations for Australia's GDP are revising up the expectations. Labour reports, and this is proof that there is a slowing economy.

GDP growth has also been broken down compared to the last three quarters. The current economic conditions, where economic growth is relatively slow, create a gap in core inflation. 

It is stated that the Reserve Bank of Australia is still required to carry out a particular policy before its next rate-setting meeting, and the market seems to agree. The Reserve Bank of Australia tightening also indicates a 50% chance of a rate next week.

Australian Dollar weaknesses and shrugged off the data are the main reasons. And this condition then gives hawkish credentials, and the market predicts it is likely anytime soon.

Looking at economic growth data, it has moderated and returned its weakest result in 12 months. Signs of cooling domestic demand also appeared—household consumption growth amidst ease of inflation and higher interest rate.

"Today's consumer price index data will provide some comfort to the Reserve Bank of Australia, which is on track to return inflation to the target range without having to drive the economy into recession," said KPMG chief economist Brendan Rynne.

Dr Rynne also said that the central bank has evidence that inflation has passed its peak, which is the time for the end of the rate hiking cycle. However, economists still see the possibility of a 25 basis point increase in the cash rate.

The rate set was successful in Tame Annual Inflation to 7.4% in January, but Growth was Still Below Expectations

Economists are now starting to have projections of different interest rates coming shortly. This will provide new turmoil for the Economy. But if you look at the extent of other interest rates, this will impact the inflation outlook and the labour market.

"There will be needed over the months to ensure that inflation returns to target. If we don't get on top of inflation and bring it down in a timely way, then the result that can be felt is a higher interest rate and more unemployment in the future," said RBA Governor Philip Lowe.

Until now, Markt has been looking at the market sector from the way the Australian central bank sets policies to reduce inflation first. Previously, the target of Australian banks had yet to be achieved. But annual inflation has fallen as record run of interest rate hikes.