31.01.2014
Australian dollar has everything for a sustained growth, even though the biggest bank in the country (The Commonwealth Bank of Australia) has decreased its’ forecast for AUD/USD. It is expected now that by the end of 2014 pair will be priced around 0.8400 instead of 0.8900, as it was predicted before. Decrease in value of Australian dollar is due to positive signs of USD perspectives and reorientation of global economic growth to developed countries. What is more, there is a decline in currency supply by foreign investors and decelerating economic growth in Australia in 2014.
Recommendation: long position with small stakes is our choice if there is a breakthrough of 0.8830 intermediate line of resistance and a well-defined fixation above this price. We increase our stakes, if price gets higher than 0.8890 with the short-term target of 0.8970 and long-term objective of 0.9080.
By Andrei Batensky
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