On Wednesday AUDUSD declined on higher inflation in Australia and prolonged eurozone crisis.
By now the currency pair has partially recovered. Some experts are expecting the Reserve Bank of Australia to downgrade the interest rates by 25 points. Other experts say that the Australian Dollar still has a lot of downward potential after a major decline seen in Australia’s stock market.
FOREX.
According to the Department of Masterforex-V Trading System , AUDUSD continues its long-term uptrend. The price has come close to the MF pivot 1,0763, which is a major resistance level. Once the price consolidates above the level it will get an opportunity to continue the rally at least up to the 1,1079 high. There is no point in considering a reversal until the price overcomes the MF pivot 1,0322 (as shown below):
