Australia showed weak economic indicators yesterday: the trade balance for October reached $4.50 billion against $6.49 billion in September, and revised down from 7.18 billion, while retail sales in October showed a zero increase against the expected 0.3%. The Australian dollar lost 17 points against a general decline of the US currency by 0.23%.
On the daily chart, the price returned below the balance line, the Marlin oscillator in a neutral position on the boundary with the decline territory.
Marlin is also in a neutral position on the four-hour chart. The US employment data can move the market today, but it is expected to be good: the forecast for new jobs in the non-agricultural sector is 181 thousand, the University of Michigan consumer confidence index is expected to grow from 96.8 to 97.0, and consumer lending in October may show an increase from $9.5 billion to $16.0 billion
We are waiting for the Australian dollar to fall to the MACD line on the daily and four-hour charts, coinciding at the same level of 0.6800. Consolidating the price below the level opens a deeper target 0.6708 on supporting the price channel line.
The material has been provided by InstaForex Company – www.instaforex.com