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The aussie is expected to plummet for the next six months. What is the reason?
AUD/USD has been dipping for 5 days in a row. That hasn’t happened since the coronavirus outbreak at the beginning of March. "We see scope for AUD/USD to pullback," claimed analysts from Rabobank. The Australian dollar has been rising for almost half a year, driven by the optimistic prospects on recovery and the steady rebound in Chinese economic activity.
However, investors’ enthusiasm has waned these days as new virus cases have started rising again and therefore the recovery will take more time than initially expected. Moreover, there are loads more factors except a risk-off sentiment that also weigh on the overall sentiment, undermining riskier currencies like the aussie. Among them are the uncertainty over the US presidential elections in November, the impasse of the US fiscal stimulus, and, of course, US-China tensions.
Elsewhere, the Reserve Bank of Australia is interested in depreciation of the national currency to boost exports. The RBA also mentioned that lower rates would "definitely be beneficial for the Australian economy". Those prospects by themselves have already pushed the aussie to the downside. Traders eagerly await the RBA statement on October 6 for more clarity.
AUD/USD has been plummeting since Friday. It has even broken down the six-month uptrend and also the significant support of 0.7150. Therefore, the way towards the next support of 0.7000 at the 100-day moving average is clear. If it manages to cross it, the pair may drop to the next support of 0.6920, which it failed to break in early July. Resistance levels are 0.7150 and 0.7200.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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