According to the recent report released by NAB, the degree of business confidence in Australia improved in March 2016. The experts anticipate major improvements in almost every single sector of the Australian economy in the coming months.
To be more specific the index grew from 3 points in February all the way up to 6 point in March, NAB reports. At the same time, it should be noted that these are the highest figures shown by the index over the last 8 years. The overall results improved thanks to the growth shown by the sub-indexes: trade, profits and employment.
NAB experts believe in a stronger Australian economy in the near future. They also back their prediction on the fact that all the challenges the economy faced earlier this year were successfully overcome. For now, the local service sector is acting as the key driver. Still, the latest figures hint at the likelihood of seeing the same improvement in the local manufacturing and construction sectors.
FOREX
In the meantime, the Aussie is still rallying against the U.S. Dollar. To be more specific, AUDUSD is moving within the scope of wave А/В of level Weekly. There is another smaller-scale move being built inside of it – wave A/B of level Daily. The key levels of resistance are the 0.7721 high as well as Fibo levels 0.7816, 0.7850, 0.7895. A break below the 0.7490 low is going to start wave A/B of Daily in the opposite direction. The key levels of support are MF pivot 0.7475 and the bottom of the MF sloping channel.
