03.04.2014 - Traders are waiting for a strong movement of the Australian dollar

The price of the Australian dollar after two attempts failed to overcome the strong resistance level at 0.93 and now is consolidating above the support at 0.9215. In case of fixing below this level will be completed formation of pattern "double top", which indicates a trend reversal. This event will be a signal to sell. The closest objectives will be at the lower boundary of the rising channel and support level at 0.9130, after breaking of which the price can fall to 0.9000.

Fundamental factor for the decline may be the strengthening of the U.S. dollar in case of positive data on the U.S. labor market.

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