Market Leader reports hat the Australian economy showed substantial growth in the first quarter of the year. The positive GDP stats seem to have reduced the likelihood that the RBA is going to keep on cutting the interest rates.
According to the experts from Masterforex-V Academy, the GDP growth reached 0,9% over the reporting period as opposed to Q4 2014. The year-over-year growth reached 2.3% over the same reporting period. Still, it failed to exceed the previous reading of 2,5%.
Still, the experts report that the Australian GDP has shown the biggest growth over the last 12 months, which is fact to consider for the Australian authorities. They say the local government was content with the news amid worries about lower commodity prices (it is not a secret that Australia is a commodity economy) and well as the continued economic slowdown in China, the biggest consumer of Australian commodities. The government expects that the investment outflow from the local mining sector will ultimately affect the national economy throughout the rest of the year.
FOREX
In the meantime, Masterforex-V Academy reports that the Aussie is still moving within the scope of a long-term consolidation against the downtrend versus the U.S. Dollar. On June 3rd, AUDUSD completed wave A/B of level H4.
A break below the 0,7596 will start wave А/В of level Daily2. The closest levels of support are 0.7570 and 0,7553/31. The experts also name such targets as 0.7529, 0.7463. At the same time, a break above the local high at 0.7817 is likely to trigger a rally - a wave of level Daily. The closest level of resistance is 0.7930, as shown n the chart below, courtesy of Masterforex-V Academy.
