AUD/USD falls to a low of 0.7176 on the day
Well, the temporary relief by the RBA sure didn't last long. As mentioned earlier, there are large expiries rolling off tomorrow at 0.7225 which may cap gains on the day and related-offers have so far done enough to keep price from moving too far up post-RBA.
Since then, it's been all about the dollar and the aussie has tracked lower on the day as well. The pair is now trading at the lows and looks poised to retest the 2018 low of 0.7166 at this point.
The dollar's momentum has been relentless today and while there aren't any specific new headlines to have driven the news, I'm all for the momentum seen across multiple charts as near-term bias starts favouring dollar bulls again: EUR/USD, GBP/USD, USD/JPY.
Looking at the daily chart for AUD/USD, the pair is now running into major resistance between 0.7145 to 0.7176. This will be a key test for buyers as a break below that opens up a very, very slippery slope towards 0.7100 and potentially 0.7000 this week.
