Forex news, rate of Australian dollar. The rate of Australian dollar has dropped as a result of unexpected announcement in January about Australian trade balance deficit that amounts to 673 mln. Australian dollars. As expected by analysts, balance of trade was supposed to amount the surplus of about 1.5 bln. Australian dollars, which was higher than actual surplus in December (1.33 bln.). It is alos worth mentioning that this is the first deficit since last February.
According to experts, deficit has been caused by such reasons as bad weather conditions and New Year in China, which have lead to export shortage. ANZ supposes that export will recover in February and March, and balance of trade will again be surplus according to the results of the first quarter. However, bank’s economists foresee the possibility of import rise, the major part of which is represented by production means. In combination with worse trading terms, this will lead to new deficit during the nearest quarters.
The rate of Australian dollar is within long-term bullish wave of Weekly level. According to the experts of Мasterforex-V Trading System, bearish wave А/В of Daily level is formed. When minimal point 1.0508 is passed, bearish wave will start, supposingly B(C) of long-term bullish trend. Further passing of bullish sloping channel will show the start of wave А/В of upper timeframe. When maximal point 1.0855 is passed, sub-wave А(С)/С will start within long-term bullish trend.
