Technical Analysis

AUD/USD sinks additional under the February lows

Australian greenback falls to the bottom for the reason that January flash crash

Australian dollar falls to the lowest since the January flash crash

Mushy Australian GDP despatched AUD/USD under an essential help line and all the way down to the worst ranges for the reason that flash crash in early January.

That is beginning to appear to be an unsightly chart and a tough state of affairs. World progress is not precisely buzzing and there are indicators of pressure between China and Australia with coal shipments cancelled.

The true concern is Australian housing and shoppers. The economic system is not precisely buzzing and speak about RBA cuts continues to develop. If danger urge for food takes successful then we might get all the way in which again to the underside of this chart.

Seasonally, I’ve famous the optimistic tailwind for AUD in March however that is just one issue. Fundamentals are a a lot larger one. Later we get commerce steadiness for January and if it goes the way in which of right this moment’s Canadian report, be careful for extra downward strain.

ForexLive


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