The Aussie plummeted today and marked lowest level since
January, having hit intraday low at 0.7418. It seems quite reasonable on the back
of falling commodities, as base metals closed sharply down and gold posted lowest
level for the last month and it’s all in common with the weakened Chinese demand.
Technically speaking the AUD/USD pair was rejected at the upper line of the
short-term downtrend. On the daily chart the 20-day SMA has started to turn to
south. RSI and stochastic are displaying sharp bearish slopes and both are currently
being below their mid-lines.
The rally might extend to downwards, as price is well below 0.7490 (strong
support that turned to be resistance now). Staying flat on this pair seems to
be most reasonable now.
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