AUDUSD hits six-month low after break of key supports
Australian dollar remains in a steep fall for the third consecutive day, driven by rising US dollar on safe haven buying / hawkish Fed and higher than expected estimation for the US Q1 GDP.
The Aussie fell to the lowest in more than six months against its US counterpart, in extension of Wednesday’s bearish acceleration (down 1.1% for the day), which generated strong bearish signal on close below pivotal supports at 0.6563/47 (2023 low / Fibo 61.8% of 0.6170/0.7156 advance).
Signals still require confirmation on weekly close below these levels which will open way for further retracement of 0.6170/0.7156 rally.
Daily studies are firmly bearish but oversold and warning that investors may soon start to collect profits from 2.1% drop in past three days.
Consolidation should be limited and offer better selling opportunities, while capped under 0.6547/63 zone (former key supports reverted to strong resistances) unless significant changes in fundamentals.
Res: 0.6547; 0.6563; 0.6573; 0.6622
Sup: 0.6480; 0.6422; 0.6403; 0.6386