AUD/USD (current price: 0.7471)
The Australian Dollar declined sharply compared to the U.S. Dollar yesterday. The pair fell below the crucial 0.75 level during the session. The Australian MI Leading Index came in at 0.1%, at exactly the same level as the previous reading. The quarterly Wage Price Index missed expectations with a growth of 0.4%. The mixed data caused an early decline in the Aussie. The cross got slightly higher in late trading, but it still finished more than 1% below the opening rate.
Our assessment: AUD/USD broke below the 200-day Moving Average, as we expected. A strong support level is now found at 0.74.
