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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

AUD: Australian Dollar is sold intensively today

At the Forex currency market the Australian Dollar rate is in sale again on Friday

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD; however it is going down, confirming a previous sell signal for the pair. Stochastic Oscillator is giving an antipodal signal today, approaching overbought zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 1.0000 the pair will go to 1.0030 and 1.0055. If the level of 0.9950 is exceeded, traders’ targets will become the levels of 0.9910 and 0.9850.

To all appearances, market is fixed on selling the AUD this year.

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.

Natural disaster still remains the main negative factor for Australian economy and Australian Dollar rate. Flooding started in the North East part of Australia and in Queensland and is now threatens to be the largest in the last 50 years. It is obvious now that the flooding is spreading to the South, to the area of Breesban, the third largest city of Australia. 95% of sugar production of Australia is concentrated in Queensland, as well as large amounts of coal. In general, about 20% of the entire economy of the Green Continent is located in the state of Queensland. According to various estimates, the growth of Australian economy can slow down by 0.2% in QI 2011, due to natural disasters.

Note, that many companies have already reported losses sustained due to the flooding which will impact on Australian economy in full scale.

 

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