Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

AUD/USD Downtrend Firmly In Place

Published 06/25/2013, 12:02 AM
Updated 07/09/2023, 06:31 AM
<span class=AUD/USD Daily Downtrend" title="AUD/USD Daily Downtrend" width="798" height="604" /> AUD/USD touched $0.9146, the lowest level since 2010 (the area of 38.2% Fibo retracement of the advance in 2008-2011), but then started recovering and testing levels above $0.9250. There’s a divergence on the daily MACD – a sign of potential correction up. However, further resistance lies at $0.9325 (June 11 low), $0.9400 and $0.9500 which will likely limit the pair’s advance.

The downtrend remains firmly in place. For the longer term, the AUD is under pressure as Australian yields decline even as the nation is losing its investment attractiveness, the Reserve Bank of Australia maintains its easing bias, Chinese growth slows down and commodity prices keep lowering.

Below $0.9140 the Aussie’s prospects will become negative, making the pair vulnerable for a decline to $0.9100, $0.9090 (Sept. 7, 2010, low) and $0.9050. The Australian economic calendar is empty over the next few days, so watch the data from the US: durable goods orders, CB consumer confidence and new home sales released on Tuesday at 12:30-14:00 GMT.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.