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Hi,
As long as we're trading below last week high 0.7356 and more importantly above 0.7460 there is a big potential for more AUD/USD downside. The trend is clearly down and the rally we saw in the first week of the new year lacks momentum. The momentum can accelerate to the downside once we manage to get a break and a close below 0.7280. The RBA still has more room for more rate cuts to stimulate the economy, however if the Fed continues on his path to hike rates in 2017 this might help push AUD/USD lower so this is a win-win situation for the AUD/USD bearish case.
Best Regards,
Daytrader21
As long as we're trading below last week high 0.7356 and more importantly above 0.7460 there is a big potential for more AUD/USD downside. The trend is clearly down and the rally we saw in the first week of the new year lacks momentum. The momentum can accelerate to the downside once we manage to get a break and a close below 0.7280. The RBA still has more room for more rate cuts to stimulate the economy, however if the Fed continues on his path to hike rates in 2017 this might help push AUD/USD lower so this is a win-win situation for the AUD/USD bearish case.
Best Regards,
Daytrader21
