AUD/USD daily chart
The US dollar is sizzling to start the week as Treasury yields march higher once again. US 10-year yields are at a session high, up 4.1 bps to 4.20% as Bill Gross talks about 4.50% and waves of supply continue to hit the market.
AUD/USD is in the crosshairs and has broken through the May low of 0.6458 to the worst levels since November of 2022. A close below there would mark a major double to pat 0.6900 with a measured target close to 0.6000, which is below the 2022 low of 0.6170.
The next big event for the Australian dollar is early on Tuesday morning when China releases data on industrial production, retail sales and unemployment. More signs of softness from China will not be welcome.
