Since the beginning of August the rates consolidated in the range 0.998-1,.005 AUD. We have a situation where none of the currencies can find enough incentives to be strengthened. However, the rates continue in the frames of the weak uptrend which was formed just a month ago.
The Canadian dollar is under the pressure of oil prices again, although oil prices remain relatively high and the market is optimistic, waiting for a renewal of the balance between supply and demand. Positive statistics about the volume of new houses building and issued building permits exceeded the forecasts but did not allow the CAD to strengthen against the AUD because the latter has also had sufficient arguments in its favor. The Australian dollar remains high due to the statistics from China, where the trade surplus exceeded all forecasts and reached 46,74B USD. In addition, the NAB business confidence index rose by 3 pips in July and reached a value of 12.
In this situation the most optimal course of action would be the deals to BUY on the current trend. The Stochastic oscillator signalized that the rates are in the oversold zone, and also confirms the efficiency of the deals to BUY based on the possible price correction. It's also necessary to pay attention to the entry points 0.998 and 1.005, the achievement of which would confirm the exit from the consolidation phase.
