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AUD: Australian Dollar descends again
At the Forex currency market on Thursday the Australian Dollar rate resumed its descend after three days of corrective pullback.
Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and is moving along the signal line, not forming a trading signal. Stochastic Oscillator has come out of the overbought zone and is giving a pair sell signal.
Forex recommendations: if bearish sentiment intensifies and in case of breakdown at the level of 0.9900 the pair will go to 0.9850 and 0.9810.
It became known today that according to ANZ consumer confidence in Australia amounted to 117 points in January against the level of 112.2 n December. It is interesting that, as per official data, released yesterday consumer confidence index in Australia fell by 5.7% in January against the growth by 0.2% in December, mostly due to the flooding in the country. Flooding in Australia in early January is still number one news: natural disaster in Queensland and the two neighboring states threatens to become the most severe over the past 50 years.
Obviously, different approaches are used for assessment of the consumer confidence index which leads to an increase in biased estimates.
Although the AUD exceeded the parity level yesterday, today’s decline proves once again our prior view that currency is weak at the moment mainly due to the flooding in Queensland which happened in January.
The meeting of the Reserve Bank of Australia is scheduled for 31 January and market will carefully wait for the comments of the RBA head, as the AUD future will depend on them in the short term. Interest rate in Australia is at the level of 4.75% per annum. RBA meetings in 2011 are scheduled for: 31 January, 28 February, 4 April, 2 may, 6 June, 4 July, 1 August, 5 September, 3 October, 31 October, 5 December.
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