The AUD/USD has been rejected heavily during global risk off. Selling the rallies could be a good trading possibility again.
As the RBA has hinted on further rate cuts in Australia, we are seeing global risk-off across Global Equities and Commodities. In addition to this, house prices have been seen to be dropping in major capital cities, sparking concerns over its finance sector. At the moment, we have US-China trade relations at boiling point, and this harms Australia’s export to China.
The pair could reject from 0.7260-80 if we see a retracement to the POC zone. Also, pay attention to 0.7230 as it could reject after a successful retest. Targets are 0.7170 and 0.7140. As long as the pair is kept below 0.7300, bears will dominate.
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