Australian dollar continues its slide. A weaker than expected retail sales report didn't help, even though it is said to have been weather related. There's some stabilization in oil but both copper and iron ore are trending down.
Technically, the pair has retraced more than 61.8% of the year's gains. Some demand is to be expected near 0.73 and 0.72 with year's low (0.7165) in focus. 0.745 - 0.75 was a decent support up until recently and should now act as a resistance.
Technically, the pair has retraced more than 61.8% of the year's gains. Some demand is to be expected near 0.73 and 0.72 with year's low (0.7165) in focus. 0.745 - 0.75 was a decent support up until recently and should now act as a resistance.