Aussie Hit By Stevens Comments

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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