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At the Forex currency market the Australian Dollar rate barely goes upward on Thursday morning: new catalyst which is capable to rouse traders for buying did not turn up and the pair AUD/USD does not receive internal support so far.

Forex forecast: MACD indicator remains in the negative area for the pair AUD/USD, and is growing, giving a buy signal, while volumes are still insignificant. Stochastic Oscillator has come into overbought zone and a buy signal is fading away; however it tends to go out of the zone, which gives a chance for a buy signal during a day. 

Forex recommendations: in case of breakdown at the level of 1.0660, the pair will go to 1.0620 and 1.0590. If downward breakdown does not take place, the pair will continue to go to1.0750.

At the moment, the AUD responds very sensitively to the changes in investors’ sentiments: balance in the global financial markets is too fragile to make purchases in bulk.

Macro-economic situation in Australia is improving: consumer lending in Australia increased by 0.2% m/m in July versus the fall of 0.1% in June. Number of permits to construct in Australia increased by 1.0% m/m in July against the decline of 3.6% m/m in June; Although it is a good indication, it is too early to speak about tendency.

It became known earlier that price index for corporate services in Australia remains unchanged on monthly basis, -0.5% y/y in July against the level of -0.8% y/y in June. In addition, index of leading indicators Conference Board in Australia fell to -0.8% in June; while a month earlier it had amounted to -0.1%. It became known the day earlier sales in the primary housing market of Australia fell by 8.0% m/m in July against the decline of 8.7% m/m a month earlier. Presently, it looks more like stabilization of the situation, than a tendency for improvement in the indicator.

Index of leading indicators Westpac in Australia increased by 0.2% m/m (+1.6% y/y) in June against the growth of 3.0% y/y in May. However, the rate of decline in the index is minimal, considering that the index has been steadily decreasing since 2010. This index indicates prospects for economic activity for the next 3-9 months and judging by its dynamics, rapid growth can be hardly expected.

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