As I said two weeks ago, the AUDUSD went lower than 0.70 and now I believe it will go to 0.68 where there is a strong support from January 2016 for the following reasons:
1- US Dollar Index is on the Upside.
2-The weekly MACD looks bearish.
3- Bad news from the Reserve Bank of Australia.
4- US-China trade war: AUD seen as a proxy for China’s economic wellbeing.
On the other hand, if there are good news from the US-China trade, AUD will be one of the currencies to buy in the short time. However, I do not expect any good news.
1- US Dollar Index is on the Upside.
2-The weekly MACD looks bearish.
3- Bad news from the Reserve Bank of Australia.
4- US-China trade war: AUD seen as a proxy for China’s economic wellbeing.
On the other hand, if there are good news from the US-China trade, AUD will be one of the currencies to buy in the short time. However, I do not expect any good news.