Weak economic stats from China exert pressure on the Australian Dollar. Most analysts assume that China’s economic prospects do not make speculators optimistic about the Australian economy.
Nevertheless, the buyers of the Australian Dollar expect the high demand for iron ore will remain stable in the near future, thereby supporting the Aussie.
According to Citi experts, mortgage stats confirm the idea that the Australian economy is slowing down, which may lead to further interest-rate cuts.
Forex.
According to , the Australian Dollar keeps strengthening against the US Dollar. The experts report that AUDUSD is forming a big-scale upswing represented by wave 3 or C of level H12.
A further rally will probably encounter resistance around 1.0537, 1.0557/67. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.0461 (as shown below).
