The Australian dolar has been falling sharply, due to risk-off sentiment hitting hard as concerns rise about the economic impact of the new omicron coronavirus variant. The Australian economy is already contracting sharply, as was revealed by last week’s GDP data which showed a quarterly contraction of 1.9%. The USD is relatively strong, so this pair is a major focus of the Forex market and has seen lots of action. The price of this currency pair ended last week right near its low after falling by more than 1.66%, closing at an 18-month low price with strong bearish momentum. These are all bearish signs and there is a good chance that the price will see another strong fall like last week, so there will probably be an opportunity for a short trade here.
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