Australian dollar down 50 pips today
The post-Fed rally in the Australian dollar has fizzled.
AUD/USD is down 55 pips today to 0.7512 in a decline alongside other commodity currencies that bucks the underlying mood in the market, which is slightly positive.
I think that quarter-end flows are a factor here but I don’t disregard the chart. It shows the pair breaking below the Feb and April lows and hitting the worst levels of the year. It bounced but only to the 50% retracement of the June decline and has now turned decisively lower again and through the 200-day moving average.