Forex

AUD/USD at lowest in two months as sellers look to retest lows for the 12 months


AUD/USD day by day chart

That marks the bottom stage for the pair since 2 June with the newest drop seeking to take out the end-June and July low close to 0.6600. The autumn right now owes to a softer threat temper largely amid security flows however it has been coming because the center of final month already.

The double-top close to 0.6900 is being confirmed with the breaks of the 100 (crimson line) and 200-day (blue line) transferring averages being solidified. That retains up the extra bearish momentum and with the drop beneath 0.6600, the following goal would be the 12 months’s lows close to 0.6500.

From the basic aspect, the RBA probably transferring to the sidelines is a key consideration and as talked about after the assembly this week, the speed differential between the US and Australia stays at a report in favour of the previous. And that may be a main tailwind for the aussie as nicely.

So, if you couple that with the softer threat temper right now as markets are in search of security bids, it’s all including extra draw back weight to AUD/USD within the short-term. The following huge twist on the week would be the US jobs report on Friday.



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Justin Low
Justin Low

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