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At the Forex currency market today the Australian Dollar rate has suspended its decline caused by the global sales, since external background has temporarily stabilized. The currency has all conditions for technical rebound especially because the pair AUD/USD seems to be oversold.

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and is moving down, giving a sell signal; volumes are minimal. Stochastic Oscillator is losing positions in the neutral zone, giving a signal for moderate sales and approaching oversold zone..

Forex recommendations: in case of breakdown at the level of 1.0080, the pair will go to 1.0070 and 1.0050. If downward breakdown does not take place, the pair will consolidate at the current levels. The AUD can go up to ? 1.0100 as part of technical correction.

Minutes of the last meeting of the Reserve Bank of Australia were released today. According to the document, The RBA expects that in the next two years dynamics of the country’s GDP will be close to the trend; at the same time regulator noted that latest statistics has improves slightly. Slowdown of the Chinese economy naturally affected the growth rate of the Australian economy and inflation in Australia probably has reached its peak. According to RBA, decline in market rates enables to maintain discount rate unchanged, while high risks of deceleration in Australian economy, which can be caused by recession in Europe, are still preserved.

Unemployment rate in Australia decreased to 5.2% in October against 5.3% a month earlier. Business confidence NAB increased to 2 points in October against preliminary level of -1 points. According to NAB, the growth has been triggered by expectations that the Reserve Bank of Australia will continue to soften monetary policy in the future. It is interesting that business confidence NAB in Q3 amounted to -4 points in Q3; while the index had been at the level of +5 points in Q2. According to estimates of the observers, the level of employment, sales and corporate profit in the country has dropped considerably.

According to statistics released yesterday, leading indicators index Westpac in Australia fell by 0.3% in September against the growth of 0.8% a month earlier. It is not surprising taking into account that strong influence of European and Chinese situations on the economy of Australia. According to the data released earlier, consumer sentiment WESTPAC in Australia increased by 6.3% m/m in November, to the level of 103.4 points. According to monetary politician Evans, indicator is now at the highest level since May 2011; however this shall not stop RBA from lowering the rate again at the meeting in February.

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