Global macro overview for 19/10/2015:
The newest data from China regarding industrial production and GDP figures had been released last night. The Chinese GDP for third quarter turned out to be in line with expectations ( 6.9% vs. 7.0% prior), but it is the first quarterly growth rate below 7% since the global financial crisis. The target growth rate of the Chinese economy is projected at the level of 7.3% this year and it would be the slowest growth rate in this century as speed-up measures have failed so far (four interest rate cuts, bank's reserves reductions, devaluation of the yuan). Please notice that the Chinese economy has a significant influence on the overall global economy and it is responsible for one-third of the global economic growth.
The Australian dollar is closely linked to the Chinese economy. The current technical picture of the AUD/USD pair is bullish as long as the support at the level of 0.7198 holds the supply pressure. The next resistance is seen at the level of 0.7384.
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