Thursday, November 24, 2011

BoA: Aussie will fall against the greenback

Technical analysts at Bank of America believe that Australian dollar may fall to more than 1-year minimum versus the greenback.

The specialists note that bears got more powerful after AUD/USD breached support of 2008 maximums in the $0.9927/0.9850 area. In addition, Aussie will likely be affected by the market’s risk aversion.

According to the bank, the pair is now on its way down to $0.9330. If it fails to hold at this point, it will be poised for a decline to $0.9000.

Australian currency lost 7.7% versus its US counterpart in November showing the second worst results among the major currencies after New Zealand’s dollar.

published by FBS Holdings © 2011