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AUD: Australian Dollar has lost its ascending momentum
The Australian Dollar rate is traded downward at the Forex currency market on Wednesday, while market is assessing world economic outlook.
Forex forecast: MACD indicator for the pair AUD/USD is going up in the positive area, giving a buy signal. Stochastic Oscillator is also rising up in the neutral zone, giving a buy signal.
Forex recommendations: In case of breakdown at the level of1.0300, the pair will go to 1.0310 and 1.03301. There is a high possibility that aggressive sellers will be back in the pair.
There have not been any changes in the Australian macro-economic situation this morning.
Statistics released today showed that number of construction permits in Australia increased by 8.4% m/m (-10.0% y/y) in November. Expected rise had been of 7%, therefore the data cheered up the market. Chinese statistics also provided support to the AUD, indicating that exports continue to grow, although growth rate is below expectations. Retail sales in Australia showed a zero change in November against the growth of 0.2%m/m in October. In addition, sales of new houses HIA grew by 6.8% m/m in November against revised level of +2.8% m/m in October.
According to the data released earlier, business activity index AiG in the service sector of Australia increased to49.0 points in November against the level of 47.7 points in October. In addition, trade balance amounted to +?$1.38 billion in November against expectations of +?$2.0 billion.
Unemployment rate increased to 5.3% in November against the forecast of 5.2%. Employment rate fell by 6 thousand against the growth of 16.8 thousand earlier. Economists expected the increase of jobs by 10 thousand. The indicator reflects the impact of European debt problems on the Australian economy. It became known earlier that private sector lending in Australia increased by 0.3% m/m (+3.5% y/y) in November against the growth of 0.2% m/m in October. Consumer sentiment index Westpac-MI fell to 94.7points, -8.3% m/m in December against the value of 103.4 points in November. Business confidence index NAB in Australia increased to 1 point in November against zero level in October.