Even when the USD was giving back its gains, the AUD/USD remained bearish. While the EUR/USD and GBP/USD for example consolidated, or even rallied, the AUD/USD remained pressured and is now pushing into new lows on the year, carrying a bearish continuation outlook. Let’s take a look at the charts.
The FOMC statement helped an already bearish AUD/USD push to new lows on the year during the 12/17 session. Then it stalled at 0.8107 and rebounded. However, the rebound was rejected at 0.82, a support/resistance pivot. Also, the 1H RSI was held at 60 and turned down. These are signs that bears are still in charge and that AUD/USD is poised to test the 0.81-0.8110 area again, with risk of falling toward the 2010-low at 0.8066.
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