Consumer confidence in Australia is weakening this month. The index calculated by Westpac and Melbourne Institute confirms this supposition. It has declined from 99.1 down to 96.6.
Consumer sentiment is not so optimistic as well despite a series of interest rates cuts implemented by the RBA. Nobody seems to be sharing the optimism over Australia’s economic prospects with Glenn Stevens, RBA Governor. Even income hikes seem to have failed to support the optimism.
Forex.
According to , the Australian Dollar seems to be completing the retracement from the recent rally against the US Dollar. The experts report that AUDUSD has started forming wave А/В of H8.
A further rally will probably encounter resistance around 1.0538 and 1.0573. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.0477 (as shown below).
