Global macro overview for 09/03/2016:
After reaching the highest level in four months to February, the Australian consumer confidence unexpectedly dropped in March. The Westpac-MI consumer sentiment index declined 99.1, posting a 2.2% drop from the last month reading of 101.3. Three of the survey's five sub-indices deteriorated during the reported month with the sharpest decline registered in perceptions towards family finances compared to the reporting period a year ago, which plunged 8.2%. In conclusion, pessimists outnumber optimists in the recent sentiment survey and this situation can become more serious when the next GDP figures comes out.
Let's now take a look at the AUD/USD technical picture in the daily time frame. The market is clearly rallying towards the 61%Fibo of the previous swing at the level of .07458. The daily candle is not closed yet in the time of writing, but any closure below the level of 0.7411 will be a strong reversal signal and bears will be happy to regain the control over this market.
