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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 rate tends to keep on growing

At the Forex currency market the Australian Dollar rate keeps on going up on Friday, continuing the trend of the past sessions.

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and it started moving along the signal line, not giving a clear signal. Stochastic Oscillator goes up today and is giving a pair buy signal, being in the neutral zone.

Forex recommendations: if current external background is maintained and in case of breakdown at the level of 1.0150, buyers’ targets today will be the level of 1.0170 and the local highs of 1.0200.

Important publications have not been released this week; therefore, external background was the main activator for the pair. Situation in the Australian economy remains unchanged. The AUD is still afloat due to the overall optimism. However, the trend seems to be downward for the currency in the medium term.

Earlier the head of the Reserve Bank of Australia Glenn Stevens noted that he expected stabilization of   national economy, and consequently, interest rate would remain unchanged for some time. He also said that economic growth of Australian economy could be better, than the forecast despite negative impact of the natural disaster that befell the country at the beginning of the year.  At the same time Stevens believes in the support from strong economies of India, China, the USA, and risks – from the European economies.

It became known yesterday that level of capital expenditure in private sector of Australia increased by 1.3% on quarterly basis in QIV last year, reaching the level of A$29.691 billion. Thus, in accordance with the forecast, total index of capital expenditures will be at the level of A$128.93 billion in 2010-2011.

The data on the level of business confidence NAB in Australia presented earlier showed the decline in the index by 5 points in QIV against the level of 9 points earlier. However the pressure from external background is nevertheless stronger and the currency had been sold due to investors’ withdrawal from risks.

The possibility that aggressive traders can come back into the pair still remains.

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