18.05.2015 - We are waiting for a reason to open short positions

The price of the Australian dollar corrected within the ascending channel and reached the strong support level at 0.8000. According to our estimates, quotes will continue to consolidate near the level 0.8000 in the near future, and then may continue to grow within the channel to a local maximum near 0.8125. In case of breaking through the lower boundary of the channel and fixing below 0.7900, we recommend to open short positions with the target at 0.7550. Our medium-term outlook for the Australian dollar remains negative and we are waiting for the signal to sell.

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