Traders and investors are now eyeing the prior low at 0.7177. If this level is broken then a drop could be expected to a possible target at 0.7000.
Chart: AUD/USD
Tuesday, May 24, 2016
AUD/USD Slightly Lower
The Australian dollar is trading lower today after an announcement from the RBA governor Glenn Stevens that they would consider more rate cuts. Rumor has it the pair might try to revisit the year-low at 0.68. So far the price has not been very responsive to the announcement and has only gone down 30 pips.
Traders and investors are now eyeing the prior low at 0.7177. If this level is broken then a drop could be expected to a possible target at 0.7000.
Chart: AUD/USD
Traders and investors are now eyeing the prior low at 0.7177. If this level is broken then a drop could be expected to a possible target at 0.7000.
Chart: AUD/USD
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It could have found some support.
ReplyDeleteVery helpful and insightful analysis, excellent.
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ReplyDeleteThere's a doji candlestick on the four-hour time-frame but even if the pair starts retracing it will be only temporary.
ReplyDeleteVery interesting! Thanks!
ReplyDeleteGood to know, will be watchful!
ReplyDeletegood post.
ReplyDelete