Australia’s leading indicators keep contributing to growing optimism among investors. Analysts are currently expecting labor market stabilization after considering the data provided by the ANZ, which are viewed as positive.
The data indicate that the demand for labor power is increasing. According to the chief economist working for the ANZ, we can expect the stabilization of the unemployment rate around 5.85-6.00%.
The employment figures for January will be published next week. They are expected to clarify the situation. Experts believe that the January employment figures will grow after the decline by 22 600 seen in December 2013.
Despite the positive prospects the Australian economy is currently facing, the Australian Dollar remains weak, showing a downtrend against its American counterpart. According to Masterforex-V Academy, AUD/USD remains in the downswing that belongs to wave level Weekly 3. The price is still forming wave b(C ) of level H16 or higher.
If the price breaks the low located at 0.8658, the currency pair will continue the downtrend. If this is the case, the closest targets will be located at 0.8611/598, 0.8557/43, 0.8461, 0.8437.
The alternative scenario implies breaking above the top of the MF sloping channel and pivot 0,9084, which will complete the current trend.
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