The AUDUSD pair has fallen since February from a high of 0.8930 to a low of 0.7080. Today, the Australian Dollar rallies further beyond 0.7200 handle. However, will the downward momentum continue?
18 September, OctaFX – The RBA minutes for the previous meeting provided a catalyst to the Australian dollar and the AUS200. The minutes noted that the economy was doing well, with the impacts of the recent drought being well mitigated.
They also noted that while there was no strong case for a near-term adjustment in monetary policy when it happens, it will be most likely to the upside.
Australian Dollar Rallies Further Beyond 0.7200
The AUDUSD pair started falling in February as shown below. Since then, it has fallen from a high of 0.8930 to a low of 0.7080. It is now trading at 0.7175, which is slightly higher than yesterday’s close.
This price is in line with the 21 and 14-day EMA with the RSI at 51 and declining. It is also lower than the 100-day EMA. Even with today’s positive economic data, the downward momentum is likely to continue.
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