Failing at the 1.0570 resistance figure about 3 sessions ago, the AUDUSD continues to be seen as bearish in the short term – down 0.35% on the day. As before, the longer term 1.1074-1.0855 descending trendline remains the formidable barrier, keeping bearish hopes alive. The short term break of support in the morning trade of 1.0510 support is adding to notions of further declines to support at 1.0447. Overbought technical signals are bolstering the sentiment.
The Pacific currency remains lower heading into yearend as rising speculation circles a likely lowering of rates once again when the RBA meets in February of next year.
Source: FXTrek Intellicharts