The AUD/USD pair initially tried to rally during the course of the week but ended up plowing through the 0.75 level and falling significantly and finally
The AUD/USD pair initially tried to rally during the course of the week but ended up plowing through the 0.75 level and falling significantly and finally through the 0.74 handle. That being the case, the market looks as if it is trying to break down significantly, urged buying the Reserve Bank of Australia cut rates a few sessions ago, and with that being the case the market will more than likely continue to sell the Australian dollar over the longer term. We are approaching an area that could cause a bit of a bounce though, so we will use a shorter-term chart to trade this pair.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
