24.06.2014 - Bulls cannot push the Australian dollar above the resistance

The price of the Australian dollar failed to break the level of the nearest local maximum at 0.9440 and retreated downward. The reason for the strong growth yesterday has become positive data on the industry in China, which growth accelerated. To overcome the resistance, the price will need a strong impulse. We expect lower price in the medium term and will recommend opening short positions after fixing the price below the local minimum of 0.9380. In such case, the quotes may fall to 0.9340 and 0.9220.

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.