Global macro overview for 13/04/2016:
The Melbourne Institute and Westpac Bank poll data have revealed that Australians were less confident about the economic outlook and their family finances in April. The main benchmark of sentiment index had decreased by 4% to 95.1 points from 99.1 in March. The biggest decline was seen in sub-section "family finances compared to a year ago" (3.8% decrease) and "family finances over the next 12 months" (down 6.6%). At the same time, the National Australia Bank Business Confidence Index surged from 3 in February to 6 last month, which is a clear indication of a growing divergence between the consumer and business point of view on the economy. In conclusion, the deteriorating opinion on the future of the economy suggests that RBA may cut the rate at the next meeting.
In the meantime, let's take a look at the technical picture of AUD/USD on the daily time frame chart. We can clearly see that this pair has got stuck in the congestion zone between the 0.7721 and 0.7491 levels, so the bulls and bears are still fighting to take control over the market. Both of the mentioned levels are the most important ones for each group.
