November 30, 2022

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AUD/USD stalls out at the 50% retracement and sinks

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Australian dollar down 50 pips today

AUDUSD daily chart

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.

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