This morning the Reserve Bank of Australia released another report but didn’t make any hints at any possible interest-rate increase. The bank’s members consider the current level of 4.75% to be appropriate.
The interest rate will probably stay unchanged until the level of inflation exceeds the limit. The bank’s members agree that in the near future there won’t be any need to toughen the monetary-and credit policy. The statement sounds rather reserved and weighted. Most market participant hasn’t expected it, so the national currency keeps losing in value.
FOREX.
AUDUSD is under pressure and keeps developing the mid-term ABC-correction pattern. According to the Department of studying Masterforex-V trading system , after a bearish FZR of H8 the currency pair started developing wave a(C ) or C of H8. 1,0355 and 1,0238 will probably act as support levels. The uptrend can be continued only after the price breaks above the MF pivot and sloping channel (as shown in the picture).
