AUD/USD price action

Yesterday’s outside reversal day in the AUD/USD precedes today’s break and move lower. It’s also having a negative effect on Gold and Silver.

The AUD/USD is in a new downtrend but yet to be confirmed as strong, however my other indicators (including moving averages) are adding to the probability that 0.7540 is the next stop.

Then we’ll see if 0.7330 and 0.7000 are plausible.

I’ll also watch the AUD/JPY for further confirmation.

June 3, 2021

by Rob Zdravevski

rob@karriasset.com.au