The latest economic reports from China seem to have a positive impact on the Australian Dollar, thereby allowing AUDUSD to continue growing. Nevertheless, the currency pair has neutral prospects, Wells Fargо experts assume.
According to them, external factors support the currency. However, the negative impact of some domestic factors (including a business activity slowdown, the risks of the RBA cutting interest rates and currency speculation) may reduce to nothing the mentioned support, thus causing a downtrend in the market of AUDUSD.
The currency strategists working for Wells Fargo assume that AUDUSD will hit 1.0200 within the next 6 months and will keep rallying further up to 1.0300 within 12 months. They say the short-term support is located at 1.0167 while 1.0476 and 1.0521 act as levels of resistance.
Forex.
According to , the Australian Dollar keeps strengthening against the US Dollar. The experts report that AUDUSD is forming an upswing represented by wave А/В of level Н8.
A further rally above 1.0410 will probably encounter resistance around 1.0473. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.0201 (as shown below).
