The AUDUSD broke below the big psychological number 0.7500 but it also broken below intermediate swing low points opening the door for more downside. The first support level only comes at the 0.7400 round number. The weekly close below 0.7500 should also indicate more bearish pressure. A break below 0.7400 can trigger even more selling pressure all the way down to the 0.7300 support level.
We have a busy calendar from Australia with lots of risk events that can trigger some volatility. Tuesday we have the RBA interest rate decision. The outlook for the interest rates is still dependent on the labor market, which has shown signs that the Australian economy is healthy.Thursday we have the Australian Trade Balance which remains in surplus. The RBA Governor Lowe is also scheduled to speak on Thursday. Friday will bring the RBA monetary policy statement.
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