As risk appetite gets sapped on the day, that has seen dollar bids come back into the picture today as mentioned here.
In turn, it has pushed AUD/USD to fresh lows in four weeks as the pair now dips just below the 0.6900 handle. From a technical perspective, there isn’t much relief on the way down for the pair amid the latest retreat through to the May low at 0.6828 and then the trendline support level (white line) just below 0.6800.
Those will be key levels to watch as sellers stay in the hunt for the next downside leg. A lot will depend on how the risk mood evolves though and after some heavy selling in recent days, there might be scope for some reprieve. However, there is the Fed to contend with tomorrow and that is the bigger factor at the moment.
This article was written by Justin Low at www.forexlive.com.
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