The amount of mortgage loans approved in Australia declined in January 2016. This is confirmed by the recent report released by the Australian Bureau of Statistics. It should be noted that the amount of lenders getting loans for residential property for the first time remained unchanged over the reporting period.
When adjusted for seasonality, the amount of loans for residential property went down by 3.9% in January 2016. This decline followed a 2.7% increase seen in December 2015. At the same time, the actual decline turned out to be much way bigger than expected – 3,9% against 2.3%. The mentioned drop indicates a slowdown in the Austrian housing market, Market Leader experts assume. On top of that, this is an indication that local consumers are losing confidence.
The total amount of mortgage loans excluding loans for repair works decreased by 0,6% over the same reporting period. At the same time, the amount loans approved for the purchase of secondary homes declined by 0.1% in January 2016.
FOREX
In the meantime, the Australian Dollar is rallying against its American counterpart within the framework of the same long-term uptrend, Masterforex-V Academy reports. AUDUSD is currently unfolding a bullish move represented by wave A/B of wave level Weekly or even higher.
In particular, the price is currently moving inside wave 3/C of the mentioned rally. With that being said, the closest level of resistance can be found at such levels as 0.7559, 0.7637/57, 0.7816/50. Alternatively, the rally is going to be complete as soon as the price breaks and consolidates below MF pivot 0.7108 and the bottom of the ascending MF sloping channel.
