On Wednesday, the Australian dollar lost 70 points, becoming the leader of the decline. Presumably, the local overbought end of November – the beginning of December continues to put psychological pressure on investors, forcing them to play on the decline at a stronger pace. But as you can see from the graph, the fall of Pacific currencies began yesterday morning, the New Zealand dollar acted as a shotgunner, as the balance of payments of New Zealand for the 3rd quarter was worse than forecast: -6.15 billion dollars against -5.94 billion. This morning, New Zealand’s GDP data for the 3rd quarter came out: 0.3% against expectations of 0.6%. In Australia itself, the unemployment rate rose from 5.0% to 5.1% in November.
The price was fixed under the embedded line of the price channel, on the daily and four-hour charts there is a demonstrative trend for all indicators. The subsequent target of the aussie is 0.7042 (at least 7-8 October). Further 0.7000 – support of the lower embedded line of the price channel.
The material has been provided by InstaForex Company – www.instaforex.com