The 2024 average rate in the AUD/USD cross is 0.6613.
The Australian Dollar (AUD) has fallen sharply again off the weekly open against the Australian Dollar (AUD) clocking a fresh October 2023 low of 0.6330. A break past prior September support at 0.6280 may spell further drops to 0.6170 levels. The Australian economy is sensitive to prospects of a US trade war with China, RBA Deputy Governor Hauser said as Australia rely on China for a massive amount of trade export especially in natural resources. Its possible when the Fed cut interest rates tomorrow from 4.75% to 4.5% they may signal a hawkish tone around a gradual easing. We are seeing this already in the currency as most of this is already baked in.
Current Level: 0.6331
Resistance: 0.6400
Support: 0.6280
Last Weeks Range: 0.6335- 0.6470