AUD/USD (current price: 0.7180)
The Australian Dollar remained under pressure around Christmas, as the fall in the price of base metals, and the concerns regarding China still weighed on the region. The Aussie has been declining all week long after breaking below 0.75 against the Dollar recently. The cross also pushed below the long-term technical support level near 0.7350 last week. The hawkish Federal Reserve statement is still affecting the currency, as the RBA remains dovish compared to the U.S. central bank.
Our assessment: The pair is still trading in a strong short-term downtrend following Monday’s correction. Support is found at 0.7150 with resistance still at 0.7350.
