The Australian economy declined 1.2% in Q1 2011, which exceeded the most pessimistic expectations of 0.7%. The last GDP decline was seen in Australia in Q4 2008 during the peak of the global crisis. However, such a sharp decline hasn’t been seen since 1991 (1.3%).
Numerous experts say that the natural disasters recently seen in the Eastern provinces of Australia (including floods and cyclones) seriously affected the country’s economy, especially the key export sector – coalmining,
However, in general the Australian economy is expected to recover soon, as the positive data on the country’s employment, mining, agricultural and tourist sectors prove it, the Australian Finance Minister Wayne Swan says.
FOREX. AUDUSD keeps rallying within the framework of the long-term uptrend. According to the Department of studying Masterforex-V trading system , the currency pair has come out of a bearish sloping channel , finished a retracement of H8 and is currently forming a bullish (potentially reversal) swing, which can become the beginning of another mid-term rally after the “moment of truth” and a bullish FZR H4.
Under such a scenario the price will encounter resistance around 1,0888 and 1,1011. A bearish “Hound of the Baskervilles” pattern by Elder/MF of wave level H16 will cancel the rally: AUDUSD will continue the retracement until the support level of 1,0439.
