The Australian dollar initially tried to rally on Thursday but found the 0.75 region to be far too resistive. As a result, we have turned back around and
The Australian dollar initially tried to rally on Thursday but found the 0.75 region to be far too resistive. As a result, we have turned back around and have even pierced below the 0.7450 level. On a break below the bottom of the range for the session, I suspect that the Aussie will continue to fall rather significantly. The 0.7375 level should be somewhat supportive as it is a 61.8% Fibonacci retracement level, but quite frankly I don’t think it’s going to hold at this rate. This market desperately needs gold to turn things around to drive demand for the Australian dollar.
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.
