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Aug 20 - 02:55 AM

AUD/USD - Tough Week For The AUD, With Likely More To Come

By Andrew M Spencer  —  Aug 20 - 12:04 AM

  • Steady after recording a fresh trend low in an active 0.7126-0.7156 range

  • Extended lockdowns weigh on sentiment and economic outlook nS9N2OY013

  • Fall is driven by USD strength, but AUD vulnerable as a barometer of risk

  • AUD/JPY -3%, EUR/AUD +2.3% and GBP/AUD +1.5% on the week - AUD hit hard

  • Charts; 5, 10 & 21 daily and weekly moving averages head lower

  • 21 day Bollinger bands expand - a strong bearish trending setup

  • 0.7186 lower 21 day Bollinger band suggests AUD/USD oversold short term

  • Targets a test of 0.7053, 38.2% 2020-2021 rise longer term

For more click on FXBUZ


aud 2 aug 20 Click here

Source:
Refinitiv IFR Research/Market Commentary

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