Aussie May Fall to 3-Year Low, JPMorgan Says: Technical Analysis
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The Australian dollar may fall to its lowest level in almost three years against its U.S. counterpart after failing to breach key technical levels of resistance, according to JPMorgan Chase & Co.
The Aussie may decline to 87.75 per U.S. dollar, its weakest level since Aug. 25, 2010, after bouncing off the resistance zone from 93.05 to 93.45, according to Niall O’Connor, a New York-based technical analyst at JPMorgan. Australia’s legal tender increased to 93.20 today before erasing its gain. The Aussie has been the worst-performing major currency over the past three months, decreasing 11 percent versus the greenback.