SYDNEY, April 10 (Xinhua) -- The Australian dollar continued its downward slide on Monday, losing further ground against the U.S. greenback, with analysts warning it could be the start of a major fall.
At 0635 local time AEST, one Australian dollar was buying 74.94 U.S. cents, a sizeable dip from the 75.24 U.S. cents it was trading on Friday.
Chris Weston, chief market strategist at IG, told Xinhua in a statement that the dollar may be looking at considerable losses if the slight downward trend continues.
"AUD/USD is trading through $0.7500 this morning, which on the daily chart looks like a key level and a close through the 9 March spike low of 74.91 U.S. cents would open up a move into the Australian dollar falling into the 72.50 U.S. cents mark." Weston said.
But Elias Haddad, currency strategist at the Commonwealth Bank, said that the Aussie dollar may rally later this week.
"The Australian dollar has scope to drift lower towards 74.00 U.S. cents early in the week as the U.S. gains upside momentum. But the Aussie dollar is vulnerable to a relief rally later in the week supported by encouraging Australian and Chinese economic conditions." Haddad said.
At 0830 local time AEST, one Australian dollar buys 75.00 U.S. cents.