The level of consumer confidence in Australia dropped a lot in June 2016. This is confirmed by the recent report published by Westpac the other day. To be more specific, the analysts report that June’s decline looks natural after May’s growth when the RBA interest rate decided to cut the interest rate.
To be more specific, the consumer confidence index dropped 1% down this time. This is a big difference if to compare it to the 8,5% growth seen a month before, Masterforex-V Academy experts say. For those of you who don’t know, the index is based on the survey conducted by The University of Melbourne and Westpac.
The participants rate the Australian economy in a number of various factors, including personal finances (both the current condition and the prospects), economic expectations, households’ willingness to make big purchases and so on.
FOREX
In the meantime, the Australian Dollar is still recovering from the long-term downtrend against the U.S. Dollar, Masterforex-V Academy reports. AUDUSD has already completed wave A/B of level H8 and is now developing an upward move – wave A/B of level H2.
On breaking the 0.7503 high, the currency pair is going to start wave A/B of level Daily2. In this case, the next closest level of resistance will be found at 0.7569/87, 0.7639/70. Alternatively, a break below the bottom of the ascending MF sloping channel and the 0.7329 low is going to start a move in the opposite direction – wave A/B of Daily. In this case, the next key level of support will be MF pivot 0.7200.
