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AUDUSD Extends Decline To 2.00%

AUD
  • The greenback bid remains persistent in recent trade and AUDUSD is extending session lows, down nearly 2% on Tuesday. Initial weakness stemmed from the RBA’s policy statement, which raised the likelihood of a pause to the policy tightening cycle at the upcoming meetings. Fed’s Powell has since added an additional AUDUSD headwind.
  • The current AUDUSD technical downtrend remains intact, and today’s resumption of weakness reinforces and strengthens the bearish theme. The break lower has confirmed a bear flag formation on the daily chart.
  • The pair continues to plumb fresh YTD lows and has taken out key support at 0.6629, the Dec 20 low. In more recent trade, the pair has slipped below the 0.66 handle to touch 0.6592, narrowing the gap with the next support seen at 0.6547, a Fibonacci retracement.
  • Worth noting potential comments overnight from RBA Governor Lowe, who is due to speak at the Australian Financial Review Business Summit, in Sydney. This is currently scheduled for 2155GMT. The key risk event for the rest of this week will be the US employment report on Friday.
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