As more people become concerned about the possibility of Greece leaving the eurozone, the Australian Dollar. According to National Australia Bank, the probability of Greece leaving the eurozone is constantly growing, thus destabilizing financial markets. The uncertainty makes investors risk-averse, which results in extra pressure on the Australian currency.
The Chinese authorities’ desire to stimulate the economic growth by all means, including the easing of reserve requirements for Chinese banks id definitely a positive factor for the Australian Dollar. However, the eurozone factor is dominating the market.
According to , AUDUSD continues the downtrend in the form of 3sub-wave 3 or А(С)/С inside a major dowsing - wave А/В of wave level Weekly. The closest major level of support is 0.9860. The downtrend will be completed if the price breaks and consolidates above 1.0474 (as shown below):
