03.03.2014 - Traders are waiting for statements of the Reserve Bank of Australia
The price of the Australian dollar dropped to the bottom of the local downstream channel and reached the strong support at 0.89. At the same time, the price is trying to fix below 0.8925. A signal to sell will be fixation lower than 0.89. With further reduction, the closest target is at 0.8830. In case of continued growth within the channel, the price will probably reach the level of 0.90. Rise in volatility during this week will be associated with the release of a large block of macro statistics and the statement of the Reserve Bank of Australia, which will be held tomorrow at 03:30 GMT. We recall that after the previous statements of the central bank, we have seen a strong growth in quotations of AUD/USD. We maintain a long-term negative outlook for the Australian dollar.