Due to economic growth data from Australia is weaker than expected, this week the Australian dollar had a bearish sequence, losing its uptrend extending from mid-November. As we mentioned in our weekly analysis on Monday, the close below the weekly pivot opened the beginning of the fall of this pair, long before the rest of the currencies. However, the pair has the weekly support of 1.0415. In the past this level served as a very strong support and resistance and we believe that this time there will be no exception. So we recommend buying above 1.0414 with targets at 1.0488 and 1.0575.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
