The aussie resumes its continued fall in trading this week

Technical Analysis

AUD/USD falls by 1% to a low of 0.6415 today

AUD/USD D1 12-03

The pair is in search of its fourth straight day of decline, with the aussie being the worst-performing major currency so far this week – down by over 3% against the dollar.

Evidently, the fiscal stimulus measures announced by the Australian government earlier today isn’t doing anything to inspire market confidence in the currency whatsoever.

For AUD/USD, the drop is continuing today in part as the dollar is seen holding firmer against the rest of the major currencies bloc. But also as the aussie is just struggling in the current risk environment as we see yet another selloff in the equities space.

The look in AUD/JPY isn’t too pretty either:

AUD/JPY M1 12-03

The pair looks set for its weakest daily close since 2009 under the 67.00 level today.

After a bit of a brief pause in the downside move last week, it looks like it is back to old habits for the aussie. Now’s not the time to try and pick a bottom again.

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