The AUD/USD Takes a Tumble
Rowan Crosby • 1 min read
The AUD/USD has fallen away in late trade today and is currently pressing towards the 0.7300 level.
Again it was the 0.7350 resistance level that really held prices down. There was also some news around the is saying the banks are raising interest rates on some of their products.
This comes out of cycle with the RBA who are not looking to raise rates until 2019 or 2020.
The news will surely put pressure on the RBA, but for now the AUD/USD continues to weaken.
The AUD/USD is now below major resistance at 0.7350, and we are close to the next level as mentioned.
Support, as it stands, sits at 0.7300, 0.7240 and then 0.7200 on a longer-term level.
We are still following the channel to the downside nicely and I’ll be looking for a test and break of 0.7300 very soon.