Aussie May Slide to 19-Month Low After Pause: Technical Analysis
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The Australian dollar may fall to its lowest level in more than 19 months if it continues a weakening trend and breaches a key support level, according to Credit Suisse AG, citing technical indicators.
The Aussie may decline to 93.88 U.S. cents, its weakest level since Oct. 4, 2011, if it falls below 95.75, and then 94.88, David Sneddon, a technical analyst at Credit Suisse in London, wrote today in a note to clients. The currency may first correct upwards, capping at 99.90, according to Sneddon. The Aussie has been the worst-performing major currency this quarter, decreasing 7.5 percent versus the U.S. dollar.