16.06.2015 - The Australian dollar is likely to resume decline

The price of the Australian dollar continues to rise within the descending channel and has reached its upper limit. If the price will leave the channel and will fix above the resistance level at 0.7200, we recommend to open long positions with the targets at 0.7400 and 0.7500. At the same time, we note that now there is a high likelihood of resumption of the downward movement of the price to the nearest targets at 0.6900 and 0.7000. We recommend to keep short positions and maintain the medium-term negative outlook.

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