AUD/USD falls to a new four-week low as the dollar stabilizes on the day

AUD/USD falls to a new four-week low as the dollar stabilizes on the day

As risk appetite dries up on the day, that has seen dollar bids resurface today as mentioned here.

In turn, it has pushed AUD/USD to fresh four-week lows as the pair now falls just below the 0.6900 level. From a technical perspective, there is not much relief on the way down for the pair amid the latest pullback to the May low at 0.6828 and then the trend line support level (white line) just below 0.6800.

Those will be key levels to watch as sellers keep hunting for the next leg lower. However, much will depend on how the risk sentiment evolves and after some strong selling in recent days, there could be room for a breather. However, you have to deal with the Fed tomorrow and that is the most important factor at the moment.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.