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:-
- There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 0.66990
- We are trading at oversold extremes
- A higher correction is expected
- Although the anticipated move higher is corrective, it does offer ample risk/reward today.
- Preferred trade is to buy on dips
Recommendations: Buy/Buy limit @ 0.66900 TP/Target: 0.67500
Trailing Stop: 30 pips/300 point
