The Australian Dollar (AUD) bearish double-top reversal is underway, note OCBC FX strategists Frances Cheung and Christopher Wong.
Further decline towards 0.6640 is possible
“The pair was last trading at 0.6715 levels. The bullish momentum on the daily chart has faded while the RSI has declined. The recent pullback may have found interim support at 0.67 (21 DMA). A decisive break may open room for further decline towards 0.6640. Resistance at 0.6730, 0.6790.”
“Second quarter GDP released this morning was largely in line with estimates, while services PMI held up. With domestic data out of the way, the AUD should once again take cues from equity sentiment and USD movements in the coming sessions.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
