The Australian Dollar continues to appreciate even after the RBA (The Reserve Bank of Australia) decided to hold rates and their statement was interpreted as dovish. The Eurozone economy continue's to contract with PMIs contracting, inlfation still high and sticky, and the ECB (European Central Bank) decided to cut growth forecasts for next year. Many Euro countries have entered recession early this year including Germany where it is conisdered an economic powerhouse in Europe. Gold, that has a strong correlation with the Aussie Dollar, also rose this year and making new highs because of mixed economic data in the U.S. and rate cut expectaions that were mentioned by the Fed.
On the technical side, the price continued to plunge with lower lows and lower highs forming and an increase in demand of the Australian Dollar. Price has hit support and there is a possibility that the price may pull back at the pivot point (where it is also considered a resistance line if the price is below the pivot point) with hopes of rallying again, but if that fails to happen, then the price will break the support line and continue to plunge to the June 2023 low.
On the technical side, the price continued to plunge with lower lows and lower highs forming and an increase in demand of the Australian Dollar. Price has hit support and there is a possibility that the price may pull back at the pivot point (where it is also considered a resistance line if the price is below the pivot point) with hopes of rallying again, but if that fails to happen, then the price will break the support line and continue to plunge to the June 2023 low.
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