FX.co ★ AUD/USD Bearish Outlook for August 24, 2012 (Daily Strategy)

The Australian dollar seems to lose its way and demonstrate a slowly upward movement in recent days. China, its main export market, showed some signs of slowing in recent months which pressed the pair down.
In the medium term, the pair has not yet lost its uptrend because this downward movement can be considered as a bullish correction. Our goal is at the level of the 200 day moving average periods. So there is a return to the 1.0445 resistance area, we recommend selling with targets 1.0288.
China is making up a new plan to stimulate its own economy. Nobody knows what will happen next but the Australian dollar will definitely benefit as it highly depends on the vagaries of the economic giant of Asia.

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