03.12.2014 - The Australian dollar has updated a minimum

The price of the Australian dollar has broken through the local minimum and continued the fall in the descending channel. The reason for the decline was the weak data on GDP growth, which in the 3rd quarter increased by 0.3%, which is 0.4% worse than analysts' forecasts. At the moment, the quotes are corrected upwards after a rebound from the bottom of the channel and the level of 0.8400. We assume the growth to the upper boundary of the channel in the short term, but maintain a medium-term negative outlook with a target near 0.8000 and recommend holding short positions with a stop above 0.8600.

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