Further to my post on December 11th (http://strawberryblondesmarketsummary.blogspot.com/2011/12/home-loans-and-trade-balance-lower-down.html), data released tonight shows a big drop in Consumer Sentiment in Australia, as shown on the graph below (provided courtesy of www.forexfactory.com). This latest release shows it tied with the low registered in July this year...both months are the lowest reading since the October 2008 low...not a good reading for consumer spending, which accounts for a majority of overall economic activity.
At the moment, the AUD/USD forex pair is trading lower and has fallen below the 1.00 parity level, as shown on the 4-hour chart below. The next support level is 0.99, followed by 0.97.
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