Minor Top Formed on AUD USD Weekly

Weakness in the equity markets and a general distaste for higher yielding assets is helping to put pressure on the AUD USD.

Intraday Analysis

AUD USD

Weakness in the equity markets and a general distaste for higher yielding assets is helping to put pressure on the AUD USD.

Today’s weakness has formed a new minor top on the weekly chart at .8470.  Another week of lower-lows will form a main top.  Based on the current weekly range of .7702 to .8470, look for the weakness to continue as long as equity markets remain under pressure.  The first downside target is a retracement zone at .8086 to .7995.