The fall of the Australian dollar continues: after rising towards 0.98 early in the week, it has been a one way street downhill.
AUD/USD is already down at 0.9450, having already dropped to 0.9435. The October 2011 lows of 0.9388 are getting closer. In the previous session, it already lost the previous 2013 low of 0.9527.
Where next? 0.9388 is critical support, and it is followed by 0.9330. Here is a guide to the next big levels for AUD/USD.
The most recent economic indicator from Australia has been the trade balance, which came out below expectations: a surplus of only $A28 million, below 500 expected. The report showed a drop in both imports and exports.
The weak trade figures join a rate decision that left an open door for more cuts and GDP that came below predictions.
It is important to note that the Aussie is accompanied only by the kiwi dollar, in part of the fall: it isn’t a story of US dollar strength as it has been in May. On the contrary, the dollar is on the back foot against the yen, euro and pound.
For more, see the Australian dollar forecast. Live chart of AUD/USD:
[do action=”tradingviews” pair=”AUDUSD” interval=”60″/]
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