After several failed attempts in the past few months, AUD/USD finally made a convincing break below the 1.0200 major psychological level in yesterday’s trading.
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The Greenback weakened against most of its major currency counterparts in yesterday’s trading as risk appetite generally improved.
NZD/USD just broke below the .8500 major psychological support level recently, mostly because of the downturn in risk appetite.
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The U.S. dollar’s rally gained legs against most of the other major currencies in yesterday’s trading when some economies once again showed signs of weakness.
EUR/USD is slowly edging closer and closer to the 1.3000 major psychological support again as the pair has formed lower highs on its 1-hour chart. In fact, it has created a descending triangle pattern on the same time frame.
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The U.S. dollar bounced back on its feet in yesterday’s trading when risk aversion popped its head back in the markets.
The RBA just cut interest rates by 25 basis points from 3.00% to 2.75% earlier in today’s Asian session. This pushed AUD/USD below the support level around 1.0230 to a low of 1.0178 right after the statement.
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The U.S. dollar initially had a positive reaction to stronger than expected NFP data but was soon weighed down when risk appetite boosted the higher-yielding currencies.
After last week’s strong selloff, USD/CAD is currently stalling around the 1.0075 resistance turned support level. This is in line with the 50% Fibonacci retracement on the 4-hour time frame.
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The U.S. dollar was outpaced by most of its major counterparts in yesterday’s trading when personal income and spending data disappointed.