AUD/USD has just made a fresh low for the year at 0.8066 and is now down 200 pips for the day. The pair in line with EUR/USD has shown no inclination to bounce which suggests that selling is consistent whilst buyers are simply not interested. The hourlies technical readings are oversold but everything else points to further downside.
A break of 80 cents looks a “no brainer” in this environment. The trouble with these markets is that nobody has any idea where the bottom is so they won’t step up to the plate – this exaggerates moves but that is the market we are in at the moment.
