The Australian dollar is one of the most traded currencies in the world. It is also known as the Aussie dollar. The currency code for Australian dollars is AUD. The Australian dollar was first introduced on February 14, 1966, replacing the old pound sterling system.
The new decimal system consisted of 100 cents to a dollar. On July 1, 1983, Australia officially adopted the metric system and changed its currency to reflect this change over by rounding down to two decimal places (5cents = 0.05). Today, one Australian Dollar is worth approximately 0$1 USD. Today’s technical analysis as follows:-
- Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
- Previous resistance located at 0.64950.
- We are trading at overbought extremes.
- This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
- The hourly chart technical suggests further upside before the downtrend returns.
- Preferred trade is to sell into rallies.
Recommendations: Sell/Sell limit @ 0.65000 TP/Target: 0.63500
