The series of technical and intermarket combinations has been fatal to the Aussie as in fact have stopped the rebound. Meanwhile, the behaviour of copper is always very well correlated to AUDUSD. The rise of copper ended in early May, when a rapid retracement has started for the Australian currency.
Also fatal from a technical point of view, the previous trend line which connected the lows of 2011-2013-2014. Just enough time to approach 0.82 to attend a shower of sales confirming that the market right now is not ready to provide the necessary support to Aud to deny the bearish break of early 2015. The next target is still open: 0.718 or the 61.8% of retracement of the entire bull market started in 2000.
Also fatal from a technical point of view, the previous trend line which connected the lows of 2011-2013-2014. Just enough time to approach 0.82 to attend a shower of sales confirming that the market right now is not ready to provide the necessary support to Aud to deny the bearish break of early 2015. The next target is still open: 0.718 or the 61.8% of retracement of the entire bull market started in 2000.
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