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Sep 08 - 01:55 PM

AUD/USD - COMMENT-AUD/USD Likely To Remain On Downward Path For Now

By Christopher Romano  —  Sep 08 - 12:20 PM

AUD/USD struck a nine-session low, extending its slide from the Sept.
1 peak as signs of a deeper correction from its rally off the March low mounted.

The 10-day moving average has capped recent rallies and did so again in overnight trade.
The ensuing slide pierced the 21-day moving average and also increased bearish momentum as indicated by falling daily and monthly RSIs.

A daily close below the 21-DMA will bolster bearish sentiment, which would put supports in the 0.7135/40, 0.7105/10 and 0.7065/75 areas in play.
A break of the latter support could drive AUD/USD longs to exit their positions.

Should the current risk-off sentiment, which is detrimental to high beta and emerging market currencies, persist, AUD/USD bears are likely to break 0.7065/75 support.

Monthly charts show little in the way of support to stop AUD/USD bears from progressing until structural support in the 0.6650/0.6725 region.
Longer-term AUD/USD bulls likely lurk there, though, as the area could be a point at which the correction in the March-September rally reverses.

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Source:
Refinitiv IFR Research/Market Commentary

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