The
Australian dollar fell to its lowest level in nearly two-week high against the
greenback on Tuesday after the Reserve Bank of Australia Governor Glenn
Stevens, warned about a possible decline in currency in the future. Stevens's
comments were based on the potential for Fed stimulus tapering, which had been
weighed on the U.S. dollar. RBA continues to grapple with the impact of the
strengthening of the Aussie economy, which account for about 10% above the
average in the last decade even with the mining investment boom has subsided.
"Comments
increasingly cornered Aussie Stevens, who has been under a bit of pressure
before," said Tim Kelleher, head of institutional foreign exchange sales
at ASB Bank Ltd.. in Auckland. "The market is constantly pushing the
Aussie during the last 2 weeks, so it is quite natural that these currencies
halted moved lower today."
Technically,
the trading session today, Wednesday
(30/10), the Aussie dollar pair a chance to move in a negative trend.
Weakening Aussie
primarily expected soon reexamine the minimum support at 0.9420 and 0.9400
maximum. Meanwhile, if the Aussie able to break and hold above 0.9471, then
another alternative scenario the chance to test Resistance Aussie's in the area
of 0.9480 and 0.9500.
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