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Forex

Australian Dollar Falls to the Lowest Level

OctaFx | Oct. 4, 2018
Australian Dollar Falls to the Lowest Level

The Australian Dollar has dropped to the lowest level since 2016 against the US dollar. However, will the AUDUSD pair continue moving lower? OctaFX analysts shared their projection in the following technical analysis.

4 October, OctaFX – The Australian dollar declined to the lowest level since 2016 against the USD. This decline was because of the strong greenback. Earlier today, Australia released trade data. The trade balance rose to A$1,604B, which was better than the expected $1430B.

Australian Dollar Falls to 0.7086

The AUDUSD pair declined to 0.7086, which is the lowest level since March 2016. At this level, the pair found some resistance as shown on the four-hour chart below. The Bears Power indicator shows that bears are still in control.

This is evidenced by double moving EMA and the Money Flow Index indicators shown below. Therefore, the pair will likely remain at these low levels. If it crosses past the 0.7085, it will likely continue to move lower.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.