The market continues to cower in fear as we get into the new week, not helped whatsoever by the ECB failing to calm the selloff in European bond markets as well as the high US inflation print at the end of last week.
The deterioration in the risk mood is continuing to today with a selloff being observed across all asset classes. Stocks, bonds, commodities, and cryptos as well (since the weekend).
The aussie is set to finish down for a fourth straight day but today’s loss is a painful one to take. It will be a crack below 0.7000 again and the double-top pattern around 0.7265-70 will only exacerbate the decline when you go with the technicals.
There isn’t much standing in the way of a push back towards the May lows at 0.6829 next. The other key technical support to watch will be a trendline support seen from the August and December lows (white line) but that doesn’t kick in until below 0.6800.
As sentiment continues to keep on the defensive ahead of the Fed, the aussie is likely to stay under pressure for the time being.
This article was written by Justin Low at www.forexlive.com.
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