9.10 FPG australian dollar trend analysis

AUDUSD H4

Currently, the only remaining reason for the support of the Australian dollar is that Australia may be the country to adjust interest rates the latest globally, and the expected magnitude of subsequent interest rate cuts is also expected to be less than that of the United States. However, this factor has limited support, and most of the market has already digested this expectation. On the other hand, the downward pressure on the Australian dollar is also caused by the decline in the price of bulk commodities. As the largest exporter of iron ore in Australia, the demand from its largest buyer, China, has decreased, putting increasing pressure on China's struggling steel mills which lead to losses. The price of iron ore also fell to its lowest level in 22 months in the previous trading day, with a 2.3% drop in Singapore prices, falling below the threshold of $90 per ton. The focus of the market is still on the recent data from the United States.

From a technical point of view, the Australian dollar failed to stand back at the key level of 0.668 and continued to fall to 0.664. In the past two trading days, both the high and low points have been moving downward, indicating a short-term downward trend. It is currently possible to pay attention to the support and resistance levels within the range of fluctuations the Australian dollar has experienced in May and June.

The first resistance level is at 0.666, the second resistance level is at 0.668, and the third resistance level is at 0.670.

The first support level is at 0.664, the second support level is at 0.662, and the third support level is at 0.660.

# This advice is only general advice and does not take into account your specific financial situation and needs. Investment involves risk, so please evaluate it carefully. #