At the opening session, the Australian dollar continue to drop rate. Downs of the Australian currency against the U.S. dollar were formed at 1.0325. Pressure on the Australian currency is increasing expectations of interest rate cuts by the Reserve Bank of Australia, the meeting will be held tomorrow. Predicts that the rate will be reduced by 25 basis points. Market interest rate swaps evaluate this outcome with a probability of 86%. Chinese data on business activity in the manufacturing sector in September, also put pressure on the Australian dollar, because it confirmed that the economy is the main trading partner of Australia is not out of the deceleration phase. This is also another factor to reduce the interest rate.
At the moment pair is trading around the 1.0350 mark. Pair tested the 1.0325 support level, but failed to break it. To overcome this level, the next goal "bears" will be at the level of 1.0280. Nearest resistance levels are 1.0400 and 1.0470.
3. entry point output
It is better to open short positions at 1.0310 and 1.0265, with the placement of stop-loss levels 1.0340 and 1.0295. In the case of the growth rate, it is better to enter the market at the level of 1.0415 and 1.0485.
