Macro approach:
- The aussie slipped as the US dollar firmed on the back of surging Treasury yields.
- Meanwhile, the AU Aug trade surplus shrank to 0.50 bln AUD (prev. 1.35 bln AUD), its smallest in three months, while investors scaled back expectations on another near term RBA hike.
- The aussie may stay under pressure ahead of the US ISM manufacturing report and NFP data.
Technical approach:
- After retesting EMA21, AUDUSD strongly declined and broke several support levels. The price is below both diverging EMAs, suggesting a downtrend continuation potential.
- If AUDUSD remains below EMA21 and 0.6960, it may retest the immediate support at 0.6915.
- Conversely, rebounding above EMA21 may prompt a retest of the following resistance at 0.7010.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
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