The Australian Dollar keeps showing strength amid the positive dynamics shown by Westpac’s index of leading indicators.
Despite the fact that there was no clarity over quantitative easing in Bernanke’s recent speeches, market participants are looking forward to QE3.
According to Mike Jones, a currency strategist at the Bank of New Zealand, these sentiments support the Australian Dollar. At the same time, quantitative easing is not the only weapon in the Federal Reserve’s arsenal.
Forex.
According to , the Australian Dollar keeps strengthening against its US counterpart. AUDUSD is currently forming wave А(С)/С inside a bigger-scale upswing, represented by wave А/В of level Weekly.
If there is a further rally, the price will encounter resistance around the MF pivot 1.0474 and Fibonacci levels 1.0503, 1.0554, 1.0612. The rally will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below the MF pivot 1.0201 (as shown below):
