Forex news, rate of Australian dollar. Australian services sector kept falling in December 2011, for households have been extremely cautious in spending with regard to world financial crisis.
In December PSI index, calculated by AIG CBA bank, has risen by 1.3 points, but remained in the negative zone, having amounted to 49.0 points. The value of the index below 50.0 points shows negative tendency. The rise of the index has been provided by better state of affairs in the spheres of insurance and finance, as well as business services.
According to John Peters, senior economist at Commonwealth Bank, PSI index shows the influence of various factors, including the rise of Australian dollar and debt crisis in Eurozone. In his opinion, these negative factors will keep having impact on consumer sentiment in 2012, as problems of Eurozone are far from being over, and existing terms of trade that stipulate the rise of Australian dollar will remain next year.
Rate of Australian dollar has formed bullish sub-wave А(С)/С as a part of bullish wave А(С) or reduced wave С of Daily2 level. According to the experts of the Department of Мasterforex-V Trading System, sub-wave С of Н16 level will keep being formed provided that local maximum 1.0385 is passed. Its nearest resistance will be provided by pivot MF 1.0445, as well as Fibonacci points 1.0438 and 1.0494. The bullish scenario will be over when sloping channel MF and pivot MF 1.0141 are passed. This will finish the current bullish wave and provide a perspective for bearish wave А/В of upper timeframe.
