According to the Australian Bureau of Statistics, the level of mortgage lending in Australia declined in May 2016. Still, the analysts expected a bigger drop. To be more specific, the amount of mortgage loans approved in May dropped by 1.0% over the reporting period. At the same time, the analysts had expected a 2.0% decline. It is also interesting to note that April’s figures were revised and downgraded from 1.7% down to 1.4%.
For those of you who don’t know, the mortgage lending report reflects existing trends in the local housing market and indicates the level of consumer confidence in the very housing market, Masterforex-V Academy experts say.
The report also indicated an increase in commercial mortgage lending by 3.9% in May 2016. For the sake of comparison, April’s figures dropped by as much as 4.3% relative to the previous reporting period.
FOREX
According to Masterforex-V Academy, even though the latest report on Australia’s mortgage lending is pressing the Aussie, AUDUSD is still rallying. To be more specific, the currency pair is developing a new bullish move, which is wave 3/C of level H8, the experts say.
The price is now building sub-wave b(C ) inside of the bigger move. On breaking above the local high of 0.7574, the currency pair is probably going to continue the mentioned rally. If that’s the case, we may well see the 0.7645 high acting as the next key level of resistance. Alternatively, a break below the bottom of the ascending MF sloping channel and MF pivot 0.7469 is going to complete the rally.
