According to the data provided by the Australian Industry Group, Australia’s business activity index kept declining in September. The index declined by 1.2 points down to 44.1.
The decline is believed to be caused by lower orders in the mining industry, weaker demand, tougher competition, stronger national currency and higher energy prices.
According to the head of the Australian Industry Group, the negative tendency will remain during the next reporting period. Lower prices and demand affect orders in the Australian mining industry.
Forex.
According to , the Australian Dollar keeps retracing against the US Dollar. The experts report that AUDUSD has finished wave А(С)/С and is now forming wave b(C ) of level Daily.
The downswing will continue if the price breaks below the 1.0325 low. If this is the case, the closest levels of support will be found at 1.0289, 1.0267. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0473 (as shown below).
