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Aussie seems ready to join commodity currency rout, which has rattled its neighbor New Zealand Dollar this year already.
Aussie is down more than 1.25% against dollar today so far and further drop seems likely over the coming days.
Aussie has dropped to lowest level this year, which is lowest level since 2009 crisis.
Without any major catalyst today and US market closed for Independence Day holiday with major event risk approaching over the weekend from Greece makes today a very unusual day for large breakout.
However it seems conceivable that a break out is awaiting over the coming days/weeks.
Trade idea -
- Go short Australian dollar with target 0.715-0.717, with stop loss around 0.785-0.788 area. This is shorter term trade setup. Shorts can be added once 0.75 gets broken. Shorts can also be added at 0.76 and 0.677 area as sell resistance.
- Go short on Aussie with target of 0.70 area and 0.65 area with resistance around 0.824 area. This is medium term call and price might take a while to reach target.
Aussie is currently trading at 0.751 against dollar.
