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May 06 - 04:55 AM

AUD/USD - Descent Resumes, Won't Stop Till 0.7000 Is Tested

By Ewen Chew  —  May 06 - 02:45 AM
  • AUD/USD resumes descent, falling to 0.7083 before US NFP

  • Weakness validates daily Bollinger downtrend channel

  • Bearish chart pattern reaffirmed on close below 0.7107

  • Bears will keep pressing till 0.7000 psych barrier tested

  • Breach of which will trigger stoploss, momentum selling

  • US NFP due later, expected 391k, could be next USD trigger

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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