The recent dollar storm is taking its toll on the Australian dollar. AUD/USD fell to a new low of 0.8616 before it bounced back, but just a bit. It remains far from the previous lows. The pair previously hung above the double bottom of 0.8660 and made false dips below this line. Is this yet another false break? Or is the Aussie catching up and has more room to fall? Here are 3 reasons for the fall: USD storm: After a correction, the US dollar resumed its strength, gaining against the weak yen but the Japanese currency was not alone. Weak Chinese services PMI: the HSBC services PMI dropped to 52.9 points, weaker than last month’s 53.5 points. While manufacturing is more important for Australia’s No,. 1 trading partner, this added weight on the Aussie. Falling commodity prices.Together with falling oil prices, also prices of copper and iron ore have been under pressure. Earlier in the week, the RBA did not rock the boat and didn’t offer anything new. More: AUD/USD vulnerable to breakdowns – Elliott Wave Analysis. Here is how it looks on the chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USD/JPY – where does it end? Divergence between central Justin Pugsley 8 years The recent dollar storm is taking its toll on the Australian dollar. AUD/USD fell to a new low of 0.8616 before it bounced back, but just a bit. It remains far from the previous lows. The pair previously hung above the double bottom of 0.8660 and made false dips below this line. Is this yet another false break? Or is the Aussie catching up and has more room to fall? Here are 3 reasons for the fall: USD storm: After a correction, the US dollar resumed its strength, gaining against the weak yen but the Japanese currency was not alone.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
