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发表于 2008-5-20 06:44
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GBP/AUD Poised to Push Higher
All that glitters is not gold in the Australian Economy. Now on its 16th year of economic expansion on the back of higher prices for commodities like copper and gold, the Australian economy is showing a few cracks.
The Economist Intelligence Unit has revised down its GDP growth forecast for 2008 to 2.9% (from 3.1% previously). The recent slew of interest rate increases are hurting business and consumer confidence.
Australia’s GDP growth slowed to 3.9% year on year in the final quarter of 2007 from 4.3% in the third quarter.
The Australian current-account deficit equalled 7% of GDP in the fourth quarter of 2007. This is a ratio that hadn't been reached since 1960.
With any break-neck run to historic lows, a pullback can be expected and capitalized on.
The 61.8% retracement of the 2.0826 low to the 2.1310 high has provided good support as seen on a 2 hour chart. A Morning Star Doji pattern sits atop this area of support and the GBP/AUD could use this to rechallenge its old highs in the 2.1300 neighborhood. Once the 2.1300 is attained, look for a rocky ride back to the 2.1500 area which was the high on 4/18.
See the attached chart:
~Greg
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