A range of last week’s news releases
contributed to the current weakness shown by the Australian Dollar. The
expert team of RBS assumes that the bearish trend is currently fully
reflecting an investment decline in the country’s non-mining sectors.
Another major factor that has been
contributing to the weakness of the Australian currency is the stable
slowdown seen in the Chinese economy, which has been the major exporter
of Australian commodities for decades.
Still, the experts assume that this
week the Aussie may see some recovery against the US Dollar. Last week’s
decline was caused by mid-term factors. However, at this point, RBS
experts see no reasons to expect a further downswing in advance of the
RBA’s meeting and the forthcoming GDP report.
According to Masterforex-V Academy,
the Australian Dollar is still weakening against the US Dollar. The
experts report that AUDUSD is forming wave А/В of level Daily 2.
A further decline will probably give way to 0.9080, 0.8965/53.
The current bearish move will be completed as soon as the price
overcomes the top of the MF sloping channel and consolidates above 0.9446. (as shown below).