The Australian dollar fell yesterday to a minimum of 1.0182, due to a fall in prices of commodities, support is at 1.0168. The candlestick of Wednesday's session formed a reversal pattern, so it is likely that some buyers are starting to buy this pair.
At a fundamental level, the Reserve Bank of Australia wants to cut rates again in the short term, and therefore the pressure on the Australian dollar should continue. However, while we have the Federal Reserve to expand its quantitative easing policy, which of course is very negative for the dollar, this would give the Aussie bullish momentum.
Therefore, we recommend buying at current levels or around the 1.0168 support level, our stop loss we will place at 1.0190.
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