AUD/USD extended further its multi-day steep decline and approached the 0.6600 neighbourhood, and area coincident with the transitory 100-day SMA, down nearly 2 cents since monthly peaks recorded on July 11 around 0.6800 the figure.
AUD/USD’s downtrend remained unabated on Tuesday. China and weaker commodity prices kept AUD subdued. The pair’s next stop to the downside is the key 200-day SMA. That said, spot faded the monthly rally in the last seven days and traded closer to the critical 200-day SMA, always on the back of poor economic prospects from China, further losses in commodity prices, the rebound in the US Dollar , and the recent interest rate cut by the PBoC.
The RBA is in no hurry to ease policy, expecting that it will take time for inflation to consistently fall within the 2-3% target range. Potential easing by the Federal Reserve in the medium term, contrasted with the RBA’s likely prolonged restrictive stance, could support AUD/USD in the coming months.
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