Market Leader informed
According to the results of the 3rd quarter, the economic growth of Australia slowed down. The reason is the considerable strengthening of the Australian Dollar versus other major currencies.
The Australian GDP growth in July-August was just 0.2%, while in the 2nd quarter its value was 1.1%.
However, Sydney expects an increase in the global demand for Australian products, which can make the GDP growth more solid in the 4th quarter.
At the same time some experts consider the economic data of the country to be unsatisfactory over the last period. They believe that the Australian economy still cannot reach an acceptable value.
It should be noted that thanks to the high demand for minerals around the world Australia managed to avoid the negative consequences of the global crisis (2008-2009).
Rio Tinto group, which is one of the major Australian iron-ore producers, announced on Wednesday about extra investments in iron-ore mining in the west of the country to the sum of $1.2B.
According to the Department of studying Masterforex-V trading system , after making a rebound from the support level at 0,9540 (138,2% AD1), AUDUSD is currently forming a bullish wave, which may terminate the downward movement in case it gets over the pivot at 0.9540 and the sloping channel.
Resistance levels:
1.0181 AD1base
0,9952 СD1base
0,9845 MF pivot
0,9793 38,2% СD1
0,9744 50,0% СD1
0,9697 61,8% СD1
0,9655 the current price
Support levels:
0,9537 min СD1
0.9442 161.8% AD1
0.9378 61.8% AW1, 138,2% СD1
0,9282 161,8% СD1
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