The
Australian Dollar has been affected by the recent monetary policy of the
Reserve Bank of Australia and the slowdown in manufacturing from China. Due to
the fact that China is the main trading partner of Australia, when the Chinese
economy slows down this is reflected on the Australian economy and on the AUD.
On the
Daily chart we can see that last Wednesday the price tested the 55 exponential
moving average only to bounce back down from that level. Today we see that the
bearish momentum accelerates and we could possibly see a visit of the 0.8650
zone, which has been a very good support area for the pair in the past.
Thanks for the analysis.
ReplyDeleteI agree with the analysis, good point.
ReplyDeleteIt bounced back, but it will likely continue dropping.
ReplyDeleteExcellent analysis, you hit the essence.
ReplyDeleteWell done, I'll keep on follow that.
ReplyDeleteWow, interesting stuff.
ReplyDelete