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Australia’s dollar will fall to a six-month low should it drop past a key technical level as bets the Federal Reserve will raise interest rates next year boost demand for the greenback, according to IG Group Holdings Plc.
The Aussie will probably drop to 90 U.S. cents if it closes below 92 cents for the first time since March, said Chris Weston, chief market strategist in Melbourne at IG Australia, a unit of IG Group. The currency traded below its 200-day moving average today for the first time in five months.
“A close below the bottom end of the range at 92 cents will bring out a whole new group of technical traders who are looking to sell rallies,” Weston said. “The euro and the pound are so oversold that now people are looking to a positive U.S. dollar bias against the Aussie.”
Opinion:
The Aussie has already broken out of the range of $94 - $92 dollars to the downside. The Aussie might see some support at the $88 area. This was an area of consolidation in the beginning of the year around Feb 2014. It might be a long winter for the Aussie.
Australia’s dollar will fall to a six-month low should it drop past a key technical level as bets the Federal Reserve will raise interest rates next year boost demand for the greenback, according to IG Group Holdings Plc.
The Aussie will probably drop to 90 U.S. cents if it closes below 92 cents for the first time since March, said Chris Weston, chief market strategist in Melbourne at IG Australia, a unit of IG Group. The currency traded below its 200-day moving average today for the first time in five months.
“A close below the bottom end of the range at 92 cents will bring out a whole new group of technical traders who are looking to sell rallies,” Weston said. “The euro and the pound are so oversold that now people are looking to a positive U.S. dollar bias against the Aussie.”
Opinion:
The Aussie has already broken out of the range of $94 - $92 dollars to the downside. The Aussie might see some support at the $88 area. This was an area of consolidation in the beginning of the year around Feb 2014. It might be a long winter for the Aussie.
