As trade tensions heat up between the US and China, the AUDUSD seems to be caught between a rock and a hard place.
In recent sessions, the AUDUSD failed to breach its 10-Day EMA, indicating weakness for the Aussie Dollar. Further, its MACD is stubbornly below the signal, and with the ADX in trend, it appears that this downtrend still has room to run.
Look for AUDUSD to touch AUD$0.6762549 in the coming weeks.
In recent sessions, the AUDUSD failed to breach its 10-Day EMA, indicating weakness for the Aussie Dollar. Further, its MACD is stubbornly below the signal, and with the ADX in trend, it appears that this downtrend still has room to run.
Look for AUDUSD to touch AUD$0.6762549 in the coming weeks.