Thu, Aug 11, 2022 @ 20:13 GMT

AUD/USD Over-Extends

The Australian dollar tumbles as the RBA’s downbeat outlook may signal a slowdown in future rate hikes. The rally came to a halt in the vicinity of the daily resistance at 0.7050. A bearish RSI divergence showed a loss of momentum in the recovery, then a break below 0.6910 would act as a confirmation of a U-turn. As buyers’ profit-taking meets fresh selling, the Aussie could be vulnerable to a deeper correction. 0.6880 would be the next support and the origin of a previous breakout at 0.6800 is an important floor level.

 

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