Despite the fact that the macroeconomic stats form Australia are currently supporting the national currency, the Aussie’s strength will be restrained in the near future.
According to Westpac, the near-term destiny of AUDUSD will be determined by the ECB’s decisions. The analysts point out at some nervousness in the market in advance of crucial decisions. Therefore, AUDSUD will probably show a retracement.
The markets may start panicking. Westpac expects the currency pair to decline down to 0.98 this quarter. However, they say AUDUSD will recover up to 1.02 in late 2012.
According to , the Aussie has suspended its rally against the US Dollar. AUDUSD has finished forming wave А(С)/С of level Daily inside a bigger-scale upswing represented by wave А/В. A break above the 1.0578 high will resume the rally in the form of А(С)/С. The closest levels of resistance are located at 1.0645, 1.0673.
A break below 1.0437 will continue forming the retracement represented by wave В(С). The closest levels of support are 1.0434 and the MF sloping channel.
