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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
