Australia keeps getting strikes from its national currency, which is currently strong. After the Australian budget was revised it lacked A$75.bn.
According to the Australian Minister of Finance, the major reason for such a dramatic decline was the strengthening of the national currency. It is worsening the competitiveness of the Australian economy, thereby affecting Australian exporters by making products more expensive for importers.
Such a major decline will probably force the government to make difficult decisions. Over the 8th months of this financial year, Australia’s budget deficit has already reached $23.6bn, thereby exceeding expectations by $5,7bn.
Forex.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of AUDUSD. The currency pair keeps sowing downtrend.
The closest levels of support are 1.0193, 1.0169, 1.0147. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates below 1.0357 (as shown below).
