Aussie Dollar May Fall to Lowest Since June: Technical Analysis
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The Australian dollar may drop over the next month to the lowest level since June after it breached a key support level, Gaitame.com Research Institute Ltd. said, citing trading patterns.
The so-called Aussie yesterday fell below its 200-day moving average of $1.0315 and is poised for further losses, according to Takuya Kawabata, a researcher at Gaitame.com, a unit of Japan’s largest currency-margin company. The currency will probably slide further if it drops below $1.0219, the 38.2 percent retracement on a Fibonacci chart of its climb from 95.82 U.S. cents on June 1 to $1.0613 on Aug. 9, Kawabata said. He said it may fall as low as $1.0098, the 50 percent retracement and a level unseen since June 29.