AUD is close to having a breather

Since the 1st quarter of 2021, the AUD (versus USD) has made lower high’s and new lower low’s.

Recently it has broken some support trendlines and this week, it made a new lower low.

This suggests a move to the 0.7050 – 0.7000 area., which is where I expect support to be found along with some consolidation.

After all, the currency is in its 5th consecutive week of declines.

However, the AUDUSD has entered a new longer term bearish trend.

It would need to trade above 0.7450 to negate that view.

Failing to hold that, I’ll look for a test of 0.6930.

0.6780 – 0.6730 is the next stop below that.

November 30, 2021

by Rob Zdravevski

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