21.04.2014 - AUD/USD can resume the decline

The Australian dollar continues to consolidate within the local descending channel near the mark 0.9330. Further price movement will depend on data on the index of leading economic indicators (00:00 GMT), as well as a report on consumer price index (Wednesday). In addition, the impact on price may have indicators of business activity in the manufacturing sector of China, which is a major importer of Australian raw materials.

Also, we should pay attention to statistics on the housing market in the U.S., which will affect the quotes of the U.S. dollar. In case of growth, a signal to buy will be price fixing above 0.9390. We expect that the price will resume downward movement within the channel with objectives at 0.9300 and 0.9250 and keep a medium-term negative outlook.

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