Direction: Bearish Suggestion: Sell at 0.7140, target at 0.7050, stop at 0.7165.
The Aussie dollar is being offered as a mortgage rate hike by a major Australian bank is seen accentuating the housing market slowdown and force the RBA to cut rates. From the daily chart, we can see the pair is runing on its bearish since the middle of this week. With the MACD fall below zero line, the bearish is take control on the AUD/USD’s movement. More over, the RSI in the daily chart is runing below 50, indicates the price might keep its down trend in the future. With the support at 0.7000 area, the situation is becoming worse and worse for the AUD/USD.