AUD: Australian Dollar is testing the peak of 1.0150

At the Forex currency market the Australian Dollar rate continues to consolidate today after the one day correction yesterday.

Forex forecast: indicator FORCE is in the positive area for the pair AUD/USD, while narrowing of the spread with the signal line is being observed, giving ground to form divergence for the purchase. Stochastic Oscillator has come into overbought zone, indicating that there is a possibility of fixing   profitable positions by those traders who are focused on short term movements in the pair AUD/USD

On the daily chart indicator Ichimoku indicates correction of the medium term downward trend. The retest of the upper border of 1.0000 is being postponed and our guideline is the previous high at 1.0225. Level of support with losses for the key slow of the indicator is at 1.0000.

Forex recommendations: hold on the level of 1.0150 is exceeded – there is risk of formation of a “double top”. Breakdown of the indicated level will open the way to the level of 1.0225.

Feasible event scenario at Forex: in case of downward reverse from the level of 1.0150 the pair will start to test the level of 1.0000. If the level of 1.0150 exceeded the target of the movement will become the highs of the end of December, at 1.0225.

Statistics released today has added new impetus to the AUD, as a number of construction permits in Australia increased by 8.7% in December. Positive factor was the growth of trade surplus in the country to the level of $1.981 in December.

The latest economic data gives hope that economy in Australia will be able to recover fast from devastating flooding which became the largest over the last 50 years.

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