Monday, August 8, 2011

Technical analysts at UBS give bearish outlook for AUD/USD

Technical analysts at UBS give bearish outlook for AUD/USD. In their view, Australian dollar will go down well below the parity with its US counterpart.

The specialists note that S&P’s decision to downgrade the US will strongly increase the market’s risk aversion in the coming days.

Aussie may get under significant downside pressure due to the weaker equities and falling commodity prices as well as due to the general increase in forex volatility, claims UBS.

On the downside, support levels for the pair are found at 1.0330 and 1.0290. On the upside, resistance levels lie at 1.0440 and 1.0470.

 daily audusd 14-38
 
Chart. Daily AUD/USD


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