Beaten up and bloodied Australian dollar staggaring into the weekend

Author: Adam Button | Category: News

Watching the Australian dollar today is like watching a boxer who is knocked out on his feet and trying to hang on until the end of the round.

Longs continue to throw in the towel as the pair falls below 0.9150 to the lowest since early September. It will be the fifth consecutive week of declines.

AUDUSD weekly chart

AUDUSD weekly chart

I wrote yesterday that the Australian dollar was like a falling knife that’s on fire and covered in poison.

The Australian calendar is very quiet next week but there is a speech from an RBA deputy on Monday. If declines continue, the next major support level on my charts is the 100-month moving average at 0.8936.