AUD/USD dives further and hits a fresh multi-year low at 0.6275

The Australian dollar breaks below 0.6280 to fresh 2, 1/2-year lows.
Ukrainian war, and hopes of a big Fed rate hike are crushing the Aussie.
AUD/USD might extend decline to 0.6041 – Credit Suisse.

Guillermo Alcala FXStreet

The Australian dollar has resumed its decline on Monday’s US trading session. The pair has reversed the tame recovery attempt seen earlier in the day, to break below 0.6285 reaching 0.6275 area for the first time in more than two years

The aussie suffers against a strong US dollar

A risk-sensitive AUD is going through a strong bearish trend on the back of the downbeat sentiment and a strong US dollar, with the market betting on another aggressive rate hike in the US at Novermber's Fed monetary policy meeting.

Investors’ concerns about the escalation in the Ukrainian war, after Russia launched the biggest air attack since the invasion started in February, are dampening demand for the aussie, which favours safe-havens like the USD.

Beyond that, the Reserve Bank of Australia disappointed the markets last week with a 25 basis points’ rate hike, instead of the 50 BP expected, which has increased negative pressure on the pair.

AUD/USD could extend its decline to 0.6040 – Credit Suisse

According to currency analysts at Credit Suisse, the pair might still see some more downtrend before posting any relevant recovery: “With the broader risk-off environment looking set to remain in place for the upcoming months, our view is to look for a further setback towards the next key support zone at 0.6041 – the 78.6% retracement and the low from April 2020.”

Technical levels to watch

AUD/USD

Overview
Today last price	0.6293
Today Daily Change	-0.0074
Today Daily Change %	-1.16
Today daily open	0.6367

Trends
Daily SMA20	0.658
Daily SMA50	0.6782
Daily SMA100	0.6877
Daily SMA200	0.7056

Levels
Previous Daily High	0.6432
Previous Daily Low	0.6354
Previous Weekly High	0.6548
Previous Weekly Low	0.6354
Previous Monthly High	0.6916
Previous Monthly Low	0.6363
Daily Fibonacci 38.2%	0.6384
Daily Fibonacci 61.8%	0.6403
Daily Pivot Point S1	0.6337
Daily Pivot Point S2	0.6307
Daily Pivot Point S3	0.6259
Daily Pivot Point R1	0.6415
Daily Pivot Point R2	0.6463
Daily Pivot Point R3	0.6493

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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