Forex Marketz Daily Forex News – Fully Markets Update
AUS/USD – 0.88674
The Australian Dollar is travelling in a direction to reach new lows. This is despite the Chinese forecast coming in higher than expected. China is the largest partner and affect on the Australian market. The US dollar has seen some recovery over the Euro this week. Market forecasts from many analysts have been for the Australian dollar to recovery. Yet, we are not seeing this projection come to fruition. Meantime, investors are urgued to proceed with caution. Here is the weekly chart:
Looking at the hourly chart, we see a support as high as 0.888 through 0.890 and a resistance as low as 0.881 to 0.882. Notice that we are not displaying the minute charts and instead are focusing on hourly and weekly trends. The weekly shows a potential to fall as low as 0.877 as was on January 19, 2014.
