In additional to the fundamentals which have been clearly working against the AUDUSD the techincals on the pair also don’t appear to be showing a potential upturn. In addition to trading lower, the AUDUSD has also been hitting lower lows and lower highs as it has fallen. This decline signifies that Forex traders have been getting more aggressive with their sales. The lack of support also shows that buyers are simply stepping back and letting the prices come to them, rather than bid aggressively.
Looking ahead, the next key development for the AUDUSD will be next month’s RBA Meeting. Recently, there has been talk of potential intervention from the central bank to weaken the Aussie to spur economic growth. As such, Forex traders will be watching to see if this does in fact take place, or whether the current fall in the Aussie has been enough to satisfy the promotion of economic growth.