Australian dollar tags a new low but support is near

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Six straight days of AUD/USD selling

Six straight days of AUD/USD selling

AUD/USD has fallen in six straight days and just touched a fresh session low at 0.7006 before a bounce to 0.7020.

Clearly the bulls are trying to mount a stand at 0.7000, which has been a pivotal number in the pair all year long.

I want to highlight the weekly chart because it shows the scope of the stall out and reversal in the pair. We’ve wiped out the previous nine weeks, which were trending higher.

Given the nearby support, I think there’s some value in buying here but only because of a favourable risk-reward with a stop inside of 50 pips.

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