Technical Analysis

Australian greenback nears the February low in third day of declines

AUD/USD underneath strain

The inventory market is cheering the prospects of a US-China commerce deal together with upbeat Caixin PMI knowledge however the Australian greenback is not so certain.

AUD/USD is down for 3 straight days together with a 20 pip slide on Friday to zero.7075. It is now approaching the February low of zero.7054 and a break frames a head-and-shoulders sample that may level to a 200-pip fall.

AUD/USD under pressure

The measured goal of the transfer can be near zero.6850.

The week forward options the RBA assembly (Wed), GDP (Thurs) and retail gross sales (Fri) so there will probably be lots to make waves.

ForexLive


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