AUD Trying to stay on high versus USD
5/4/2017 12:01:04 PM
According to yesterday's Forex market severe decline, the AUD/USD pair stayed under some selling pressure and refreshed several month lows, although has succeeded to hold its neck just above the 0.7405 handle.
The weakening came after another failed effort to break above a daily descendant trend line coming from late March highs. Intraday, the rally appears consumedly, as it has been a straight weakening from the daily high of 0.7547, though technical indicators keep their sharp bearish drops within oversold territory, suggesting that additional slides are probable.
FOREX market analysis by FxErvin.