30.09.2014 - The Australian dollar was unable to continue correction
The price of the Australian dollar, after several attempts to break the level 0.8700 started to correct upwards and tried to break the upper limit of the downward channel. In case of breaking through this boundaries and overcoming the level of 0.8900, we recommend to take profits on short positions and to wait for new signals for opening positions. The increased volatility of the price of the Australian dollar is expected on Thursday after the publication of data on the trade balance of the country and the annual report of the Reserve Bank of Australia. Our medium-term view remains negative and we expect price decline to the levels 0.8600 and 0.8500.