|HIA New Home Sales||-5.3%||4,2%|
Overall it was a good week for the Australian economy. RBA kept the interest rate at 3.00%, giving it more time to until another cut. The Trade Balance came surprisingly better than expected, getting to a deficit of only 0.18 billion. Retails sales rose over expectations with 1% and Building Approvals got to 3.2%
Although the economic data was good, the Australian dollar lost 0.28% in front of the US dollar. This happened mostly because of the risk aversion installed in the second part of the week.
Next week’s main events will be the Employment Change expected to drop at -7.2 from 71.5K and the Unemployment Rate which might stagnate at 5.4%.
The technical analysis doesn’t look too good for AUDUSD. The price retested 1.05 and plunged back to 1.0365. The pin bars formed at in this area may tell us that the next move might be under the current support.