The AUD has experienced a hard fall from July last year dropping almost 2000 pips(1931). It managed to recover some losses but could not keep the momentum and went back to a downward move, this time a more smooth one confirming a downtrend continuation. We noticed a false break u on the TL in confluence with the SMA(50) that has been acting as a dynamic Resistance. Yesterday NY closed with a bullish candle but couldn't break the 95.591 previous Support level(from Nov last year). The current candle seems to be an indecision one not showing any power from neither bulls or bears but due the todays news about the 25% US tariff on steel, that will have a negative effect on the Australia economy I believe the aud may continue its path downward targeting the 93.58sh level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.