19.03.2014 - The Australian dollar was unable to overcome the resistance

The price of the Australian dollar broke through the resistance level at 0.9100 and reached the mark 0.9130, but could not overcome it. Growth was stopped due to the fall of the index of leading economic indicators in Australia by 0.1% in January. In case of continued growth, a signal to buy will be breaking through 0.9130. We expect the resumption of the downward movement and recommend to open short positions with a stop above 0.9130 and target levels around 0.9000 and 0.8925. Increase in volatility is expected after the announcement of future plans of the U.S. Federal Reserve concerning the program of quantitative easing. We reserve the medium and long term positive outlook for the Australian dollar.

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