- AUD/USD is falling hard on the last day of the week/month.
- Falling gold and copper prices, Wall Street in the red along with USD strength sinks AUD/USD to new 2018 lows.
AUD/USD is trading down -0.68% this Friday as the currency pair is trading below the 0.7200 mark at about 0.7184.
AUD/USD is under heavy pressure as the USD is getting a boost across the board. Month-end flows coupled with negative NAFTA headlines bolstered demand for the buck according to analysts.
On the other hand, falling copper and gold prices along with a negative sentiment on Wall Street stock indices (positevely correlated to AUD) put pressure on the Aussie which has been assaulted by bears which drove the currency pair to a fresh 2018 low.
AUD/USD daily chart
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On a technical basis, the bear trend is intact and AUD/USD has still potentially room to the downside to fall. AUD/USD is in a bear channel trading below downward sloping 50, 100 and 200-period simple moving averages. The RSI, Stochastics and MACD indicators are in bearish territories. All suggesting that the risk is skewed to the downside.
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