February 1, 2023

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AUD/USD nears the bottom of the six-day range

1 min read

Dangerous territory for AUD/USD

It’s turning into an ugly day for the Australian dollar as risk trades slip on worries about US capital gains. With that, AUD/USD is in danger of falling below the six-day range and chewing into the big rally on April 13.

Dangerous territory for AUD/USD

Just when we thought the head-and-shoulders pattern was invalidated, we end up with this mess.

The chart looks much like oil right now, which is also eating into the mid-April pop. It hasn’t gotten ugly but the failure to challenge March levels is a worrisome lower-high.

Meanwhile, equities just keep falling on capital gains talk. The S&P 500 is down to a session low at -41 (on an old story, no less).

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