Alex Borzak
The Australian economy remains under the pressure caused by the eurozone crisis. According to the Australian Department of Finance, the eurozone economy will shrink by 0.75% in 2012. Nevertheless, the economic situation in Australia is better than in most countries around the globe.
The rate of unemployment is relatively low. The debt-to GDP ratio is low as well. Low inflation and strong public financing are the strong sides of the Australian economy as well. As China’s demand for natural resources grows, it keeps importing them from Australia. Together with substantial investments in Australia’s mining industry, it creates a solid base for resisting external economic threats.
Forex.
According to , AUDUSD has started recovering against the long-term downtrend. At this point, the currency pair has finished forming wave 3 or А(С)/С of wave level Daily, and is forming wave А/В of wave level Н4. The closest major levels of resistance are 1.0014 and 0.9954, 1.0053. A break below 0.9794 will start wave 5 or А inside the Hound of the Baskervilles pattern by Elder/MF. If this is the case, 0.9733 will turn into the closest major level of support.
Alex Borzak
