Alex Borzak
The Reserve Bank of Australia has just revised its key economic forecasts for 2012. By late 2012, the rate of inflation is expected to reach 2.75%, which is lower than previously expected (2.5%). The consumer prices are said to grow only by 1.75% instead of 2%. It should be mentioned that the inflation forecast retains the possibility of lowering the interest rates.
The GDP forecast for the first half of 2012 was also lowered down to 3.5%
The Australian Dollar suspended its strengthening and started implementing the scenario given in the outlook for Feb 8th 2012. According to the Department of Masterforex-V Trading System , sub-wave 30 or C inside the long-term bearish wave A(C )/C is completed. A break below the bullish sloping channel and pivot 1.0495 will cancel the 4th sub-wave scenario. A break above the 1.0843 high will trigger 5th sub-wave or sub-wave A inside the Hound of the Baskervilles pattern by Elder/MF.
Alex Borzak
