AUD/USD slips under 0.76 as Moody’s downgrades Australian banks


More pressure on the Aussie today after Governor Lowe kept it low. The credit rating agency Moody’s downgraded Australia’s Big Four banks. Are they worried about house prices? This is one of the worries of the RBA as well.

The banks are ANZ, CBA, NAB, and Westpac. In addition, smaller banks have also been downgraded.

Australia still enjoys a perfect credit rating: AAA from three rating agencies, or a 9 As if you wish. Does the downgrade of its banks precede a downgrade of the sovereign?

AUD/USD slips under 0.76, with 0.7586 the low so far.

Support awaits at 0.7565, a level that supported the pair a few days ago after it made an attempt to the upside. Resistance is at the stubborn high of 0.7640.

More: AUD/USD weekly outlook

Here is how the downfall looks on the 30-minute chart. Click to see a larger image:

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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 the 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.

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