AUD: Australian Dollar and a surge of correction from 1.0200

At the Forex currency market the Australian Dollar rate has failed to reach the previous highs at 1.0225 at the first attempt. Purchases ceased at the level of 1.0200.

Forex forecast: FORCE indicator is in the positive area for the pair AUD/USD; while a downward trend is being observed, as well as reduction of the spread with the key level of 0 points, forming convergence on sale. Stochastic Oscillator is traded in the overbought zone and indicates about a new downward momentum in a bearish intersection of the moving average indicator. Later, on Friday, there was a wave of profit taking in the Longham at the level of 1.0200.

Ichimoku indicator shows the formation of an upward trend on the daily chart; the key moving averages are in the bullish intersection, being traded upward. Have losses level of support for the key slow indicator is at 1.0000.

Forex recommendations: after the reverse from the level of 1.0200 we expect the fall of the pair to the core level at 1.0000.

Feasible event scenario at Forex: if a trading day will be closed below the level 1.0100, we expect that sales will be increased to the level of 1.0000.

Statistics was also against the Australian Dollar, showing that the index of business activity in the construction sector of Australia fell to 40.2 in January against preliminary level of 43.8. Weak data on the sector has caused some disturbances among investors, who predicted economic recovery after the natural disaster and the impending inflation thereafter.

 
 

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