The state of affairs in the Australian economy keeps deteriorating. June reports indicate a decline business conditions down to the lowest level in 4 years.
The local trade conditions have deteriorated as well, thereby causing an income decline as compared to May figures. All the economic indicators are well below their average readings. Mining, retails sales, industrial production are just some of the sectors that has found themselves in decline. Apparently, this cannot but affect the Australian Dollar. Still, this is a good sign for export-oriented sectors since a cheaper currency makes Australian exports more competitive abroad.
Still businessmen are concerned about the current weakness of the domestic market. Most indicators hit that there is no reason to expect a recovery in the near future. Experts say that the Australian GDP may grow only by 2.5% during the first 6 months of the year.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of AUDUSD. The currency pair is consolidating after the downtrend. The closest levels of support are 0.9028/24, 0.8990, 0.8948. The current move will be completed as soon as the price overcomes the mF pivot at 0.9251.
