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03.10.2012 06:35 PM
AUD/USD Strong Support 1.0168 for October 03, 2012 (Daily Strategy)

The Australian dollar continued falling down after the RBA slashed its interest rates by 25 basis points. In a communiqué Governor Glenn Stevens said that the board considers that "on the back of international events, the growth outlook for next year could be weaker." Market sentiment remains weak in AUD until recent developments in the euro area and China are affecting this pair.

According to the graph, we see that the pair approaches to the last weekly support (W_S3) at 1.0168. This is a very strong support that was tested on September 5 which took the pair to the maximum of 1.0622. It is likely that the pair will rebound to 1.0390 from that level which is our goal in this bullish scenario.

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