AUDUSD daily
The Australian Dollar is nearing February’s low of 0.6443 while sitting just 14 pips above. AUD/USD traded as high as 0.6644 on Tuesday, but fell sharply following the hot US CPI report and continued to fall today as the dollar appreciates from some number of currencies.
While much of this is due to overall dollar strength, the Australian dollar is particularly weak due to broader risk aversion. It’s not benefiting from rising metal prices or China’s improving growth outlook, but these are notable themes to watch.
Unfortunately, the CAD and NZD are trading at their lowest levels since November. The commodity-focused trio tends to trade together, so it could be difficult for the AUD to sustain the February low. In case of breakout, the November low was 0.6339 and the October low was 0.6270.
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