AUD/USD (current price: 0.7329)
The Australian Dollar lost almost 6% in just a few sessions against the USD since the surprise rate cut by the RBA. The decline took the pair through multiple support levels and AUD/USD now trades just above the 200-day MA. The crucial indicator should provide some much-needed support for the currency, but the uptrend that started in January is now decisively broken. The 0.7250 is the most likely level for a possible bounce, with additional support found around 0.715.
Our assessment: The pair could head even lower today, especially of the decline in commodities resumes during the session, with the 200-day MA in sight just above 0.725.
