AUDUSD at 3-Daily Lows After Soft Australia Private Capital Expenditure
AUDUSD trades 0.23% lower at 0.6718 after Australia Private Capital Expenditure came in at -0.5%, below forecasts of 0.5% in 2Q, 2019. Reserve Bank of Australia’s Governor Lowe noticed that monetary policy can push up asset prices but can’t support and deliver medium-term growth.
In the daily chart, the pair breached the lower band of the recent trading range as the continuation rectangular pattern signals lower levels for Aussie. AUDUSD closed yesterday below 0.6739 opening the way for a visit down to 0.6688 the low from August 26th. Bears are strong in the medium term. On the downside, first support now stands at 0.6688 August 28, low a level that if breached will enhance the slide toward the 0.66 round figure. On the upside, immediate resistance stands at 0.6761 yesterday’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6888 the 50 day moving average.