December 4, 2022

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AUD/USD extends drop to 1% on the day as downside pressure accelerates

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AUD/USD seen down 1% to 0.7157 currently

There’s no reprieve for the aussie so far in European morning trade, with the more sour risk tones adding to the technical woes in the currency this week.

As highlighted earlier (↑), a drop towards 0.7000 looks to be on the cards as the technical momentum is favouring sellers in rather striking fashion at the moment.

AUD/USD W1 19-08

The weekly chart may offer buyers some reprieve near the 100-week moving average (red line) at 0.7136 but given the underlying momentum and fundamentals at play, it is a fair argument that one shouldn’t be trying to catch a falling knife here.

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