Today in Australia the index of prices for exports and imports was released and showed results better than forecasted. However, permits for new construction introduced a negative trend. The Australian dollar and its weakening are affected by the prices of raw materials and indicators of China's economy.
From the US we expect a number of macroeconomic indicators, including the index of business activity in the industrial sector (PMI) from ISM for January. Yesterday the US published a decision on interest rates. As expected, the rate remained at the same level and amounted to 1.5%.
Apparently, the bears on the greenback have weakened and even with an uptrend we can observe that the pair moved away from the three-year highs, where it found a strong resistance level and continues its decline for the fourth consecutive day.
Our pair crossed and consolidated below the MA (21); the MACD is still in the positive zone, however, it tends to cross the zero mark.
We recommend looking for points to enter short positions near the 0.8020 level. Look for targets near the level of 0.7980 and when fixing the price below this level set the next target 0.7940 near the Fibo level 23.6.
