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Aussie Dollar approaches crossroads

07/12/2017

While all eyes remain focused on the runaway train of the Bitcoin market (yet another new high of $14,600 overnight and over 33% in less than a week), the Aussie dollar slipped lower and is approaching very long-term support levels around 0.7460. Expect this to be tested, and probably more than once. If it sails through there will be little reason to buy for the next 300 points lower. The fate of the Aussie rests in some part on the strength of the US dollar, and if the Fed does raise rates as many expect the beleaguered AUD will find plenty of sell orders will prevent any meaningful rally for now.

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