29.04.2014 - Australian dollar continues to cheapen

The price of the Australian dollar after breaking through the lower boundary of the rising channel continued to decline within the local descending corridor. In case of continued downward movement, the price will reach the strong support at 0.9200. Correction is possible to the level of 0.9300. From a fundamental point of view the price of the Australian dollar is negatively affected by decline in iron ore prices and a slowdown in China's industry. We keep a medium-term negative outlook for the Australian dollar, but expect upward correction in the near future.

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