Gold is getting smoked this morning and its fall has added to the already bearish Aussie dollar outlook as global investors and traders re-rate the prospects of the economy, interest rates and dollar.
The outlook for the Aussie remains negative with numerous local and offshore banks having downgraded Aussie dollar forecasts to 80 cents and below.
But there is at least one sign that the Aussie dollar might be getting closer to support with this recent fall. Traders will be watching the bottom of the down trend channel in which the Aussie has been in for 3 years now – it comes in at 0.8367 this week.
So maybe, just maybe, the Aussie will find some support down here.
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