Forex Blog
Blog-FX.Com

• 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 technically corrected still remaining weak

At the Forex currency market the Australian Dollar rate remains weak on Wednesday; nevertheless it is being technically corrected after the surge of sales. Today’s positive in general sentiments at the currency market gives the AUD a chance to regain slightly from the previous fall, although fundamental factors for decline are more than enough.

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and is still going down, confirming a previous sell signal for the pair. Stochastic oscillator has left the oversold zone today and is giving a pair buy signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 0.9915 the pair will go to 0.9940 and 0.9970. If the level of 0.9890 is broken down, traders’ targets will become the levels of 0.9875 and 0.9850.

Meanwhile, 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.

It became known today that number of victims of the flooding in Queensland continues to grow.
This fact can force the Reserve Bank of Australia to postpone interest rate raise as the economy of the country will require real funds to liquidate the aftermath of the natural disaster.

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.
 

[More]
Tags:
Tags Cloud: standard debatable forex brokers arena gives worrying finished origin lot business