01.08.2014 - We expect reduction of the Australian dollar to continue
The price of the Australian dollar after it has broken through the border of the corridor 0,9330-0,9440 continued to decline, but the statistics on the growth of the manufacturing PMI in Australia to 50.7 in July, against 48.9 in June forced quotations to correct. As a result, the price fixed outside the local downward channel and continued to fall. We recommend keeping short positions with the first target around 0.9220. We maintain a medium-term negative outlook with the target of about 0.89.