The AUD is Tanking: Is There More Downside?
Rowan Crosby • 1 min read
It was an active day for forex traders yesterday as markets got moving after a quiet week or so. The USD was the story for me as it really fell away hard.
Interestingly, the NZD was weak even against a falling dollar, as was the AUD. To me, that is saying that both are weak. If you take the EUR/USD as a point of comparison, it rallied hard against as the USD plummeted.
With that in mind, the FX Leaders Team have opened sell signals on both the AUD and the NZD and I like the look of both.
When we have a big down move in the USD and we are unable to rally, that is saying that there is a lot of sellers around, who are using that as an opportunity. The take profit target on the AUD is 0.7605 and we just took that out this morning.
I think we might even have more downside to come and I am looking at the 0.7579 level as a key support level.