The Downtrend in the Aussie Remains Strong - Forex News by FX Leaders

The Downtrend in the Aussie Remains Strong

Posted Friday, March 9, 2018 by
Rowan Crosby • 1 min read

It’s been a busy week for the Aussie as we’ve seen a number of key data points come out. We’ve also had to contend with the excitement of US President Trump’s tariffs as there are certainly a few Aussie politicians who are getting increasingly nervous about the issue.

The RBA came and went to little fanfare. It appears that rate hikes aren’t all that close at the moment. While GDP disappointed, backing up our thoughts on rates and that of the RBA.

We saw Canada and Mexico, gain exceptions to any tariffs from the US. Given the strong relationship between the US and Australia, I would think it is more than likely that the same will apply. So I suspect there is little to worry about in the long-run.

Technicals in Focus

There has been a strong downtrend in place in the AUD/USD and that has continued throughout this week.

As it stands I think that 0.7800 is looking like a good place to be a seller. I would like to be selling the next time the USD falls away, as in truth the Dollar has been a key driver.

But just remember we also have US employment tonight which will certainly shake things up a bit.

The downside of 0.7650 is still my major area of interest and I am looking for a move into that area in the coming months.

AUD/USD – 240 min Chart.

 

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