The Australian dollar bounced back on upbeat GDP in Q3. The break below 0.7170 has negated October’s rally.
A bearish MA cross on the daily chart confirms that sentiment has turned sour. The Aussie is heading to October 2020’s low and the psychological level of 0.7000. An oversold RSI has prompted sellers to start to cover in that congestion area.
0.7190 is a resistance from the previous demand zone and trend followers are likely to sell a rebound. Buyers will need to take out t
hose offers to ease the pressure.
