24.12.2013
On Tuesday, the Australian dollar is traded almost without changes since the eve of the holiday, but the weakness of the U.S. dollar supports the Australian currency. Recently the U.S. dollar weakened due to pre-holiday fixation of profit on the largest U.S. and European markets.
Most likely the U.S. dollar is ready for profit fixation after the last week’s growth on the news that the Federal Reserve cuts its bond purchasing program - a key element to support the economy.
Trading recommendation:buy a pair when it breaks through and firmly established above the strong intermediate resistance level of 0.8970 by small volumes, thus adding our positions in case of strengthening above $ 0.9000 with the first target 0.9160 and 0.9320 more distant goal.
Analyst Andrew Batenski
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