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At the Forex currency market correction started for the Australian Dollar rate on Wednesday after four session of significant growth.

Forex forecast: MACD indicator is in the negative area for the pair AUD/USD and is sliding down, maintaining a pair sell signal. Stochastic Oscillator remains in the overbought zone today, and has created conditions for a reversal.

Forex recommendations: if bearish sentiments intensify in the market for the pair and in case of breakdown at the level of 1.0080 the pair will go to 1.0050 and 1.0030.

The data released yesterday showed that leading indicators Westpac fell by 0.1% m/m in January while the forecast had been +0.8% m/m. It is a moderately negative sign for the Australian economy.

Representatives of the Bank of Australia noted earlier that economy of the country has been growing almost at the level of trend, and current moderately restrictive fiscal policy fits the external situation. 

Interest rate is at the level of 4.75% per annum in Australia now. The meetings of RBA in 2011 will be held on 4 April, 2 May, 6 June, 4 July, 1 August, 5 September, 3 October, 31 October, 5 December.  

Note that last week the Reserve Bank of Australia sold ?$414 billion in the market in February – the action was aimed at weakening the position of the AUD, says the RBA monthly bulletin. In addition the RBA bought ?$464 billion from foreign banks in February.
No important Australian macro-economic statistics is going to be published this week; therefore movement direction will be determined by external background and domestic news for the pair AUD/USD. There are conditions now for the technical rollback in the pair.

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