01.12.2014 - The fall of gold has led to the reduction of the Australian dollar
The price of the Australian dollar after the opening of the trading week with a gap down, reached the lower limit of the local descending channel, but bounced off it and compensated the drop. At the moment, quotations are trying to gain a foothold below 0.8500, which will be the basis for the continuation of the downward movement with objectives of 0.8300 and 0.8000. The reason for the drop was the decline in prices for gold and weak data on China's manufacturing PMI, which fell to 50.3 in November against 50.5 in October. We recommend holding short positions with a stop above 0.8700 and maintain a medium-term negative outlook.