From the FXWW Chatroom: AUD/USD has been range bound in the recent weeks as it challenges three coincident MT Fibonacci support levels at 0.7629/43. This support is now giving way and AUD/USD appears set to test towards the bottom of its two-year triangular range. The implications of the break of the bottom of this triangle would be significant.
For many years AUD/USD has been predominantly driven by Aus vs US yield differentials. This week we note that the Aus vs US 10yr yield differential has broken to new multi-year lows, removing a significant support for the AUD/USD.
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