FxWirePro: NZD/USD extends range trade for the 2nd straight session, U.S. PMIs for July eyed for impetus
FxWirePro: AUD/USD plummets below 200-DMA, hits new yearly low at 0.7511
AUD/USD chart - Trading View
AUD/USD was trading 0.46% lower on the day at 0.7513 at around 05:20 GMT, outlook bearish.
The pair is extending weakness for the 4th straight session, slumps below 200-DMA, scope for further downside.
Fed surprised markets with a hawkish turn and signalled that it might raise interest rates at a much faster pace than anticipated previously.
Thursday's downfall in the USD across the board could be attributed to some aggressive technical selling, but major bias remains bullish.
Technical bias for AUD/USD pair has turned bearish. Stochs and RSI are sharply lower, volatility is rising as evidenced by widening Bollinger bands.
MACD and ADX support weakness. Close below 200-DMA will open downside for the pair. Scope for test of 61.8% Fib at 0.7379.