Australia’s GDP increased in Q4 2011. However, the growth was twice as weak as expects. The major reason is a decline in the domestic housing market. As a result, the Australian bond yield declined as well.
It should be noted that Q4 2011 was the period when the eurozone debt crisis seriously affected Australia’s commodity supplies. The RBA had to lower the interest rates for the first time since 2009.
The report shows how much the Australian economy depends on the country’s mining industry.
In the meantime, according to the department of Masterforex-V Trading System , AUDUSD is forming sub-wave 4 inside the long-term upswing А(С)/С of Weekly. Once the MF sloping channel is broken, it will cancel the wave-4 scenario. The closest levels of support are 1.0649 and 1.0596. The closest level of resistance is 1.0855. The current sub-wave will be completed after the price breaks the MF pivot 1.0816.
