09.03.2015 - The Australian dollar is corrected after a sharp fall
The price of the Australian dollar dropped significantly against the US currency after the publication of strong data on the US labor market, where unemployment fell in February by 0.2% to 5.5%. As a result, quotes broke through the support level at 0.7440 and reached the target level of 0.7700 and the bottom of the channel. At the moment, the price rebounded upwards and corrected within the channel. In the near future the Australian dollar may rise to 0.7800 and the upper limit of the local downward channel. We expect a price drop in the medium term with the objectives 0.7650 and 0.7500.