AUD/USD has trended lower since the start of the month having failed to break above the 200-day moving average (DMA) now at 0.7549. Today, the aussie is testing the 100-DMA at 0.7386 and economists at Rabobank expect the pair to fall to the 0.73 level.
Declining iron ore prices weighs on the aussie
“A close below the 100-DMA at 0.7386would strengthen the case for a move towards 0.73.”
“AUD/USD has extended the losses made in the wake of the November 2 RBA policy meeting with further falls in the prices of iron ore and weak technical indicators undermining confidence in the AUD.”
“We retain our three-month AUD/USD target of 0.73.”