AUD/USD fell during the session on Friday as the 1.02 level continues to act as a zone of interest. The market growth below the bottom of the hammer that was formed on Thursday, and as such we think that eventually the support could give way. If this support gives way, we look at this pair as being very vulnerable to the downside and possibly going as low as 0.97 or so.
Obviously, we could bouncier as this has been a recent consolidation area, but the truth is that the Reserve Bank of Australia is set to cut rates yet again, and there is serious concern about global growth. Neither of these two things will help the Australian dollar in the end.
Written by FX Empire