The Reserve Bank of Australia is determined to leave its key interest rate unchanged at 4.25% if the situation in Europe stabilizes and the Australian economy remains strong.
The minutes of the RBA’s meeting conducted on Feb 7th suggest that the country’s economic growth and inflation (2-3%) are currently matching the macroeconomic expectations. The bank I planning to leave the rates unchanged until May 2012.
In the meantime, AUDUSD keeps staying in the mid-term range after completing sub-wave 3 or C inside the long-term downswing A(C )/C. According to the Department of Masterforex-V Trading System , the price is currently forming sub-wave 4 or B(C ). The 4th-wave scenario will be canceled if the price breaks the MF sloping channel and pivot 1.0386. A break above the 1.0841 high will trigger wave 5 or A inside the Hound of the Baskervilles pattern. The closest level of resistance is 1.0881.
