Aussie Falls to 17-Yr Low, The place’s the Backside?

AUD/USD Outlook:

• AUD/USD traded considerably decrease on Wednesday as danger aversion reignited and FX volatility soared
• Consequently, the pair rests at a 17-year low, buying and selling across the 0.5765 degree
• Regardless of the depth of its latest decline, there may be little to counsel AUD/USD has bottomed

AUD/USD Worth Forecast: Aussie Falls to 17-Yr Lows, The place’s the Backside?

The Australian Greenback suffered one other drastic decline versus the US Dollar Wednesday as danger aversion reignited, and volatility remained perched at historic ranges. Because of this, AUD/USD fell to its lowest level since January 2003 because it plummeted beneath the spherical 0.60 mark. Devoid of latest value motion, technical analysts are left with little to work with within the final twenty years.

AUD/USD Worth Chart: Month-to-month Time Body (November 1997 – March 2020)

Consequently, technicians should flip to cost motion within the early 2000’s when AUD/USD traded close to its all-time low of 0.4745. Regardless of hints that sentiment had improved, and danger urge for food could return, it appears traders stay apprehensive concerning the standing of commodities and commodity-sensitive currencies just like the Australian Greenback, Canadian Dollar and Norwegian Krone.

To not be outdone, nonetheless, the British Pound additionally skilled a lack of gravity Wednesday in an indication Greenback-denominated liquidity was at a premium….