07.01.201611:55 Forex Analysis & Reviews: Global macro overview for 07/01/2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Global macro overview for 07/01/2016:

The building approvals data was released last night in Australia showing the biggest decline in more than three years. Market participants had expected a smaller decrease in permits of 2.8% this month against 3.3% last month, but the plunge amounted to 12,7%. To make things worse, on an annual basis, approvals dropped 8.3% in November, following a 12.3% advance a month earlier. This kind of data should be worrying mainly because the Australian house market has enjoyed a solid run over the last few years, especially ultra-low interest rates have been boosting the demand for housing. After the change in the RBA policy and possible rate hike in the near future, the activity in the housing market is starting to fade.

The AUD/USD pair is trading just above the important support at the level of 0.7015. The next important resistance is seen at the level of 0.7079.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.