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FOREX: AUDUSD Extends Intra-Day Losses to 1.4%, Two-Year Lows

FOREX
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  • The hawkish reaction to the December Fed decision & SEP, and the associated weakness for equities, have weighed heavily on higher beta currencies, with the likes of AUD and NZD underperforming against the dollar in G10.
  • With the moves, AUDUSD is now below 0.6270 and trades at a fresh two-year low. The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows reinforce current conditions. Sentiment may have also been aided by the most recent RBA dovish pivot.
  • The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend.
  • Below here, attention will be on 0.6210, the Oct 21 ’22 low.
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  • The hawkish reaction to the December Fed decision & SEP, and the associated weakness for equities, have weighed heavily on higher beta currencies, with the likes of AUD and NZD underperforming against the dollar in G10.
  • With the moves, AUDUSD is now below 0.6270 and trades at a fresh two-year low. The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows reinforce current conditions. Sentiment may have also been aided by the most recent RBA dovish pivot.
  • The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend.
  • Below here, attention will be on 0.6210, the Oct 21 ’22 low.