The Australian dollar dropped further on Thursday and is trading lower by 0.35% against the US dollar. The price is on the verge of a bearish close below the major psychological resistance level at the 0.6900 mark. The Australian dollar is a commodity-linked currency and any rebound in the dollar index is usually negative for AUD. Therefore, one major bearish reversal in AUD/USD cannot be ruled out due to the renewed strength in the U.S. dollar amid the expectations of an aggressive interest rate hike from the Federal Reserve. If bulls failed to protect the 21-day exponential moving average, then AUD/USD could start a fresh decline.
Reference: Trading View
[…] Forex Forecasts AUD/USD is showing signs of exhaustion Weekly Forex Forecasts – July 18th,2022 AUD/USD is trading in a narrow range […]