Yesterday the Australian dollar came back to fall under bearish pressure below the 0.9320 fractal area. The Aussie reached the minimum of 0.8924 for the first time in nearly three years, after having broken the psychological level area 0.90. The Australian dollar is within the most affected currencies this year, after the Australian Bank reduced rates and after the rise of the dollar worldwide.
The trend remains bearish; therefore it is more likely to observe a rebound to the 0.9160 area. This area will be important to analyze in order to sell, because if you look at the Momentum Indicator it is in bearish zone and below MACD. In the medium term we expect a fall of the pair to the 0.8640 level. Now, in the short term we recommend buying above 0.8907, because there is the daily fractal. It is more likely to see a bullish rebound.
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