The price of the Australian dollar has failed to overcome the upper limit of the upward channel and began to decline. The reason for the fall was the publication of the minutes of the last meeting of the Reserve Bank of Australia, where was noted that the exchange rate remains at record high levels and its weakening will contribute to a balanced economic growth. Monetary policy of the Bank, however, remains unchanged.
At the present time the price of pair approached an inclined line of support and in case of breaking it and fixing the quotes below the nearest local minimum at 0.9365, we recommend to open short positions with the first targets at 0.9300 and 0.9250.
In the near future the dynamics of the Australian dollar will be affected by data on the growth of GDP and industry in China, which will be released tomorrow. We expect a decline in the price in the medium term.
Wish you the profits!
FXFINPRO Capital Analytical department.