Technical Analysis

AUD/USD falls to the lowest since January 2017

AUD/USD breaks the August low

The Australian dollar broke the August low to the worst levels since the first days of 2017. The 20-month low comes on the heels of Westpac raising mortgage rates because of higher global yields. In turn, that makes an RBA hike next year less likely and raises the possibility of a cut.

In addition, you could say that global trade isn’t exactly looking good.

Last at 0.7183 but there is an important zone of support near 0.7150. That’s probably safe into the close but I imagine that’s going to give way if Trump announces China tariffs next week.

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