| The above graph is the line chart of AUD/USD from July 2014 till date.Australian Dollar today tumbled till 0.7644 against USD, a level not seen since 2009 on the back of disappointed job numbers. The unemployment rate marked at 6.4% for the month of January, highest since 2002 against 6.1% earlier. Also, the number of people employed fell by 12,200 to 11.6million in January, against market expectations of a rise of 5,000. Increasing the expectations of another rate cut by Reserve Bank of Australian in coming months, RBA in its February policy meet stunned the financial markets by surprisingly cutting the official cash rate by 25 bps to 2.25%. Now all eyes will be on the next policy meet which is in the month of March, where analyst expect for further rate cut, which can probably take the commodity currency to its multi year low.Technically speaking, prices are moving precisely in a downward sloping black channel, which is an indication that the trend is bearish. As far as prices continue to break its previous lows the trend will continue to be bearish and prices can dip further. The recent retracement level of 61.8% is also taken out, thus opening further negative possibilities and the next support is now placed at 0.72 which is 76.8% retracement of the previous up move from 0.60-1.10. |
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