31.08.2016 - The Australian dollar may correct upwards

The price of the Australian dollar continued to decline along the bottom border of the descending channel and currently is located near the important level of 0.7500. It should be noted that in connection with the reaching of bottom of the channel and the psychologically important level of 0.7500, there is a possibility of correction to the upper boundary of the channel and the level of 0.7600. According to our estimates, decline will continue in the near future, and we maintain a medium-term negative outlook with the first targets at 0.7320 and 0.7250.

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