Ikon forex – The forex strategy leader Kyriakopoulos in NAB said on Monday (July 19) that under the worrisome prospect of the global economy growth, the forex brokers should be quite cautious about the forex rate of AUD/USD in a short-term in the forex market.
Kyiakopoulos said the condition for the basic metal prices was not very good and the risk preference emotions of the forex brokers decreased below the average level of usual, and it was also lower than average of the forex prices in March and April in the forex market. From all those above we could see that it was quite evident that the forex broker should have a cautious emotion in the forex market.
The worry of a hard landing of Chinese economy led the current price of iron ore slumped by 18 percent within the past three weeks. Kyiakopoulos pointed out even though he predicted that the Chinese economy would pull off a soft landing, but before the fourth quarter of this year this was still uncertain.
The fair value model of NAB indicated the fair value of the forex rate of AUD/USD was at 0.8450 at present, which means that this forex price would continue to go down in the forex market. Kyiakopooulos pointed out that the obstacle of the forex price AUD/USD would be at 0.8875, and the supporting point would be at 0.8570 in the forex market.
The forex price of AUD/USD was at 0.8653/56 at 09:41 Beijing time.
Edited by Laura.