According the result of the latest research conducted and published by Conference Board, Australia’s major economic index showed negative dynamics in October 2015. In particular, the experts report that the index shrank by 0.1%.
It should also be noted that the September figures were revised and downgraded from 0.3% to 0.1%. The biggest contributors were sub-indexes of money supply, stock prices and yield spreads. The biggest adversaries were approved construction orders, sales-to-inventories ratio, and agricultural exports.
Meanwhile, the research confirmed the fact that the major index has been shrinking for the last 6 months. The index dropped 1.3% over the reporting period after the 1.1% increase seen over the 3 months preceding the bearish period.
FOREX
Masterforex-V Academy reports that the Australian Dollar keeps on forming the long-term rally against U.S. Dollar. The price is currently forming wave c(C ) of the mentioned rally. The wave level of the momentum is Daily or even higher.
Support – the bottom of the ascending MF sloping channel + MF pivot 0,7017
Resistance – the 0,7384 high + MF pivot 0,7436
