Australia downgraded by FItch credit rating
22 May

Australia downgraded by FItch credit rating

 

Technical Chart pick of the day: AUDUSD –Bearish

 

The AUD fell, after rating agency Fitch cut Australia’s AAA credit rating outlook to negative.  Commodity currencies fell as investors sought safety after US – China tensions. On top of that, the growing tensions with China have also dented Australia’s hope for a quick recovery.

 

· On a technical perspective, the trend is bearish, with prices above the 20, 40, 100 and 200 EMAs

· A bearish crossover formed, with the 20 EMA crossing the 40 EMA. This indicates that selling pressure is present.

· Based on the pivot point analysis, prices are below the pivot levels. This signifies bearishness.

 

Resistance: R1: 0.65915, R2: 0.66196, R3: 0.66693

Support: S1: 0.65418, S2: 0.65202, S3: 0.64705

 

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