Forex Trading : Australian dollar completed a sharp decline against the US dollar on Monday after he represented the A $ 0.7850 per US dollar areas impregnable barrier difficult for the pair breached many times as we pointed out in the earlier reports.
Despite the release of retail sales data for the Australian economy in a positive way for the month of January by 0.4% and the previous reading of 0.2%, and no recourse Reserve Bank of Australia to cut interest rates last week, but the US dollar shaved high against major currencies after the market data positive work which was issued last Friday.
On the other hand, the Australian dollar was linked to gold prices as we know, and with the sharp declines witnessed by the Australian dollar gold prices affected negatively against most major currencies, especially the US dollar.
On the technical side, gains of the Australian dollar against its US counterpart will remain limited unless expressly to see a breakthrough level of 0.7850 in the short term and the pair is currently trading at 0.7725 levels at exactly 10:40 GMT.