Busy day lurches toward poor close
The Australian dollar tried to find a base in the past two weeks but today’s rally followed by a quick decline raises new questions. The pair is trading at a nine-day low after briefly touching a one-month high in Asian trade.
An initial drop came on the jobs report, which was on the soft side. It battled back later but today’s round of US dollar strength eventually swamped it.
With the reversal, the daily chart is showing a bearish outside day a few hours before the close. If we finish around here, it could be a quick trip right back to the April lows.