AUD/USD Forex Signal: No End in Sight for Aussie Sell-Off
The path of the least resistance for the pair is bearish.
Bearish View
Bullish View
The AUD/USD pair crashed to the lowest level since November last year as investors reacted to the deteriorating condition in Australia. It is trading at 0.7310, which is about 9% below the highest level this year.
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Australia COVID Outbreak
In 2020, Australia was praised for its COVID-19 response. The country saw significantly fewer COVID cases than other countries like the UK and Germany.
Now, the country is battling a new COVID wave and the government is about 2 months late on its vaccination drive. Earlier today, New South Wales recorded about 110 new cases while Victoria recorded 22 new local cases.
As a result, the two states have announced some lockdown measures while the government has launched a rescue package for businesses. Therefore, investors are concerned that the strong Australian recovery will get undone as business activity slows down.
The AUD/USD has also struggled because of the overall performance of commodities. With the Delta variant cases rising significantly, there are concerns that commodity demand will be affected. As a result, the prices of most commodities has struggled this week. Crude oil has dropped by almost 10% while copper and iron ore prices have retreated. The Australian dollar is often seen as a proxy for commodity prices because of its vast natural resources.
The path of the least resistance for the pair is bearish.
Bearish View
Bullish View
The AUD/USD pair crashed to the lowest level since November last year as investors reacted to the deteriorating condition in Australia. It is trading at 0.7310, which is about 9% below the highest level this year.
Advertisement

Australia COVID Outbreak
In 2020, Australia was praised for its COVID-19 response. The country saw significantly fewer COVID cases than other countries like the UK and Germany.
Now, the country is battling a new COVID wave and the government is about 2 months late on its vaccination drive. Earlier today, New South Wales recorded about 110 new cases while Victoria recorded 22 new local cases.
As a result, the two states have announced some lockdown measures while the government has launched a rescue package for businesses. Therefore, investors are concerned that the strong Australian recovery will get undone as business activity slows down.
The AUD/USD has also struggled because of the overall performance of commodities. With the Delta variant cases rising significantly, there are concerns that commodity demand will be affected. As a result, the prices of most commodities has struggled this week. Crude oil has dropped by almost 10% while copper and iron ore prices have retreated. The Australian dollar is often seen as a proxy for commodity prices because of its vast natural resources.
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2. Choose an investment plan suitable for you.
3. Send your investmencapital to our Official Bitcoin Wallet Account via BITCOIN PAYMENTS.
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