The AUD is Getting Set to Crack Support: Get Ready
Rowan Crosby • 1 min read
The Aussie has certainly fallen off the wagon in recent weeks. It wasn’t all that long ago that we had an Aussie that was above 80 and looking quite bullish. Things can certainly change fast in the forex world and the commodity currencies have really started tanking.
As soon as the Fed suggested that U.S. interest rates were looking like they were going to be on the rise at a faster rate than anticipated, the AUD/USD has tanked.
We are now at 0.7750 which has been holding up. Buyers keep on entering and pushing us higher. However, I suspect we are just about ready to crack this one. If we do the next key stop will be 0.7700 with not much in the way of support to slow us down.