AUD: Australian Dollar determines movement direction
At the Forex currency market the Australian Dollar rate is traded slightly downward despite general market trend. Signals for the pair AUD/USD are
ambiguous on Friday.
Forex forecast: MACD indicator is in the negative area for the pair AUD/USD however it goes up, giving grounds for a pair buy signal. Stochastic
Oscillator is giving a pair sell signal, being in the overbought zone.
Forex recommendations: off the market.
Feasible event scenario at Forex: in case of breakdown at the level of 0.9900 the pair will go to 0.9950 and further to the parity level. If the
level of 0.9840 is exceeded, traders' targets will be the levels of 0.9810 and 0.9770.
According to the average forecast of economists and analytics the RBA is unlikely to raise interest rate before QIV of 2011. Current level of the interest rate is 4.75% per annum. The Australian Minister of Finance updated its budget forecast this week. Thus, GDP in 2011 is expected to be at the level of 3.5% (growth), in 2012 - 3.75% (unchanged). Net debt will amount to 6.4% by 2012. As for the employment sector- unemployment rate is expected to
be at the level of 4.75% in 2011 and at the level of 4.5% in 2012.
It became known earlier that index of leading indicators remained unchanged in September which indicates some uncertainty in the producers and
investors' sentiments after the release of the minutes of the RBA meeting of 2 October, when the interest rate was raised unexpectedly. The document
noted that interest rate was raised in order to facilitate the curb in the inflation rise, as mass investments in the mining sector, together with the
increase in the employment sector supported the recovery of the national economy. The minutes of meeting emphasized that the balance of risks has
shifted and in the current spectrum moderate tightening of the monetary policy seems reasonable.
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