Markets
AUD/USD: The Aussie sinks
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Posted 05 August 2008 @ 05:12 pm HKT
FXstreet.com (Barcelona) - Australian Dollar has fallen lower after the RBA made public its decision to leave rates unchanged, the bias, according to the ActionForex Technical Team remains in the downside: "Intraday bias remains on the downside as long as 0.9346 minor resistance holds. Current sharp fall from 0.9849 is expected to extend further to 38.2% retracement of 0.7675 to 0.9849 at 0.9019."
On the way up, the ActionForex Team foresees: "On the upside, above 0.9346 will indicate that an intraday low is in place and bring recovery towards 0.9477 resistance. But upside should be limited below 0.9596 resistance and bring fall resumption."
This article is copyrighted by IBTimes.com
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