The Australian dollar gained strength for two days before the breakthrough of support for the red price channel at 0.6710, which took place this morning. This is against a good indicator of Australia’s balance of payments for the 2nd quarter amounting to 5.9 billion against the forecast of 1.5 billion. True, retail sales in July showed a decrease of 0.1% against the forecast of growth of 0.2%, but investors are waiting for the main event of the day -the RBA decision on the interest rate. The RBA is expected to lower the rate in October with a probability of 70%, and the tone of the accompanying statement is interesting.
The purpose of the decline is to support the nested blue price channel line in the region of 0.6647, overcoming the line opens the prospect of reducing another order of 150 points to support the underlying line of the already red price channel at 0.6460-0.6500.
On the H4 chart, the price is falling vertically down and there are no signs of a stop.
Origin: InstaForex
