Housing loans in Australia rose by 5.6% in November

Looking at the chart on the weekly time frame, we see the continuation of the bearish trend in the first half of January and the continuation towards the lower levels and the target of 1.55000. we can also notice that the pair fell below the moving average MA200 (purple line), and this last happened in July 2017; when we set the Fibonacci retracement level, we see that the pair fell below 50.0% and that in the coming period, we can expect it to fall to 61.8% to 1.52500. Before that, he has to take a break at the psychological level at 1.55000, where we can expect potential resistance.

On the daily time frame, we see a strong bearish trend below 1.60000 at the current 1.56700. It is logical that in the next period, the couple will see that they will test the zone around 1.55000, and we can ask for the first support at 1.55300. All moving averages are on top, and support is a bearish trend; until we see some break above the lowest moving average MA20, we can’t think of a bullish trend.

On a four-hour time frame, the picture is a little different. The pair is still in a strong bearish trend forming a falling channel with their pullbacks. Moving averages can also indicate how the pair will move within the trend; for now, they are at the top and make a resistance that helps us find the entrance to the trade. For the bullish trend, we need to first break above 1.57200 and then above 1.58000. The MA200 is at 1.60300, and that is the last resistance for the bearish scenario.

From the news we can single out:

The total value of total housing loans in Australia rose by a seasonally adjusted 5.6 percent in November. The Australian Bureau of Statistics announced on Friday, which reached 23.96 billion US dollars. Year-on-year, total loans jumped 23.7 percent, loans used by owners rose 31.4 percent, and investment loans rose 3.9 percent.