Australia’s GDP report for Q1 2012 came out better than expected. This resulted in the RBA increasing the GDP forecast for 2012 from 3% up to 3.5%.
The RBA experts assume that economic growth became possible due to more substantial investments and sufficient consumption. They say the national economy will keep growing within the next 2 years at 3% per year.
According to Glenn Stevens, the Australian Dollar is showing a bullish tendency, which is confirmed by multiple economic indicators.
Forex.
According to , the Australian Dollar is retracing against the US Dollar. The experts report that AUDUSD has finished forming wave 3 or C inside a bigger-scale upswing represented by wave А(С)/С of level Daily.
A further rally (if the 1.0612 high is broken) will probably encounter resistance around 1.0656, 1.0705. The current bearish move will see its wave level increased as soon as the price overcomes the bottom of the MF sloping channel (as shown below). The closet levels of support are 1.0446 and 1.0443.
