Forex Account – Early in the Asia forex market on Monday (August 23), the forex rate of AUD/USD got a rebound from the low point at 0.8871 of the opening of the forex market to the level of 0.8890, and the panic emotions of the forex brokers towards the hung parliament in Australia were temporarily reduced in the forex market.
A forex dealer executive Mike Hollows in HIFX said due to the uncertainty of the general election in Australia, the forex rate of AUD/USD suffered great pressure at the beginning of the forex market. Hollows added there was no direction of any important economic data in the Asia-Pacific forex market on Monday, therefore the general election in Australia and the regional stock markets would become a quite important direction in the forex market.
Hollows predicted the obstacle point on top for the forex rate of AUD/USD would be at 0.8940, and the supporting point at bottom would be at 0.8840 in the forex market, and if it slumped below that point it would further slump to 0.8740.
The forex rate of AUD/USD was at 0.8887/90 at 09:12 Beijing time.
Edited by Laura.