10:23, 13 May

Market recap

On Tuesday last week we covered the AUDUSD which has continued to do very little trading under the current key level of 0.7050. In the last couple of weeks the AUDUSD has continued to decline further moving to a four month low under 0.70, which all started several weeks ago when it dropped very sharply to near 0.70 within 24 hours and this saw it fall below the key 0.7050 level to a six week low.
It is now trading around a 2019 low and significantly it has been unable to move back above the 0.7050 level as it is now offering resistance and preventing it from returning to its range above there. Up until recently the AUDUSD had been frustrating many as it moved very little spending most of its time in the range roughly between 0.7050 and 0.7150.