This week’s volatility has done some damage to the market’s technical landscape, with AUD/USD looking vulnerable to further declines unless it manages to close the week above its 200-day moving average at 0.7555, economists at TD Securities brief.
Aussie is now trading below its 200-DMA
“The AUD/USD pair took a quick look below key support at the early-April range low (0.7532), the first real candidate for a ‘lower low’ we’ve had since. Today’s weekly closing level could be instrumental for how market psychology develops in the AUD “” and perhaps beyond.”
“We won’t say that all would be forgiven on finish back above 0.7532, but we do think it could reduce some near-term bearishness.”
“More significant, we think, would be a climb back above the 200-DMA (0.7555).”
Share
