Will the Australian Dollar Fall Further Against the Greenback?
Technical analysis shows the Australian dollar/dollar currency pair (AUD/USD) could fall further.
The Australian dollar/dollar currency pair (AUD/USD) could see further downside following its huge reversal Tuesday after the Reserve Bank of Australia cut interest rates. The Australian dollar is now looking quite weak, and we have a short (bearish) bias as long as AUD/USD stays under the high of that major bearish reversal bar. We see short-term resistance at 0.7490. Below that level there's major downside risk, and traders can look for price action selling opportunities on any strength.
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