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AUD: Australian Dollar continues to go up
At the Forex currency market the Australian Dollar rate is being corrected today after the rise yesterday, due to the all-round consolidation of the USD positions.
Forex forecast: FORCE indicator is in the positive area for the pair AUD/USD; at the same time narrowing of the spread away from the signal line is being observed, which helps to form divergence of the purchase. Stochastic Oscillator has reached overbought zone today, giving signal of a possible profit fixation in the speculators’ portfolios, those who took part in Long for the pair AUD/USD.
On the daily chart Ichimoku indicator indicates a correction of medium term downward trend. After the period of consolidation in the broad horizontal channel with the upper border of 1.0000 and bottom border of 0.9850, quotes went up yesterday, which means the retest of the upper border of 1.0000 and further growth of the pair to the next high of 1.0225.
Forex recommendations: wait for the correction of the level 1.0100. Comfortable level to resume purchase is 1.0000.
Feasible event scenario at Forex: in case of reverse from the level 1.0100, the pair will start testing the level of 1.0000.
The meeting of the Reserve Bank of Australia yesterday was dedicated to the devastating effect of the largest flooding in the history of the country and possible reasons which can slow down recovery process, in particular, inflationary risk to the recovering economy was mentioned. Note also that the Reserve Bank of Australia decided to keep current interest rate unchanged at the level of 4.75% is an important point. At the same time according to the survey of independent experts the rise of the interest rate to the level of 5.0% is projected until the end of QII, 2011.
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