FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair extended its decline to a 3-week low of 0.7068 holding nearby by the end of the day, and maintaining the negative tone seen on the previous updates.
Key Quotes:
“The Aussie was weighed by a sharp decline in gold prices, but also due to the latest inflation readings, which fueled speculation that the RBA will have to cut rates at least one more time before the year end.”
“Trading below the 0.7200 level, the 1 hour chart shows that the technical readings are biased lower, with the indicators heading south below their mid-lines and the 20 SMA capping the upside around 0.7080.”
“In the 4 hours chart, the 20 SMA has accelerated its decline well above the current level, whilst the technical indicators maintain tepid bearish slopes in oversold territory, all of which points for further declines ahead.”
(Market News Provided by FXstreet)