Australia's housing market is currently showing higher sales figures seen in Q1 2014. Economists assume that growth was mainly caused by the RBA's policy of ultra low interest rates.
Higher sales of new homes in March contributed to the overall recovery of the housing market. According to the interview conducted among big-scale contractors, the sales of new homes increased by 0,2% m/m. The index increased by 5,8% q/q.
This tendency seems to be reassuring experts, thereby making them more optimistic about the near-term prospects of the Australian housing market. It seems like the RBA's policy aimed at lowering interest rates brought fruit.
Another optimistic signal is an increase in the amount of construction approvals , which corresponds to a considerable increase in housing prices. This situation seems t influence the Australian Dollar.
AUDUSD Prospects
According to Masterforex-V Academy, the Australian Dollar is currently forming a bullish reaction against the recent downtrend.
AUDUSD is still within the scope of a bearish move represented by wave A/B of level Daily.
The forming of wave 3/C of a smaller scale is still unfinished. It will resume if the price breaks below 0.9201, Masterforex-V Academy reports. In this case, the following levels will act as targets: 0.9190, 0.9168, 0.9153. On breaking the MF sloping channel and pivot MF
МФ 0.9311, the currency pair will complete the current wave.
