According to the recent report released by Conference Board, Australia’s economic prospects improved a little in March 2016. To be more specific, the current condition of the Australian economy is rated as positive and stable, which is confirmed by some of the latest macroeconomic reports.
Australia’s leading economic index (LEI) increased by 0.1% in March 2016 as opposed to February’s figures. The index came in at 102.2%. The index resumed its growth for the first time in 2016 after 2 bearish months – January (-0.4%) and February (-0.3%). Still, the LEI dropped 0.8% down over the period of September 2015 through March 2016. The same index lost 1.3% over the period of August 2015 through February 2016. For those of you who don’t know, the LEI helps the experts define the likely economic dynamics for the next 6 months.
FOREX
Masterforex-V Academy reports that AUDUSD is moving within the scope of a new long-term downtrend. The currency pair is forming wave A/B of level Daily3 or higher. To be more specific, the currency pair is probably developing the “Hound of the Baskervilles” pattern by Elder/MF.
The next major levels of support can be found at 0.7104, 0.6982. Alternatively, a break above the top of the descending MF sloping channel and MF pivot 0.7258 is going to indicate the end of the existing market bias.
