AUD to fall under 0.69 - NAB

Joshua Gibson FXStreet

According to analysts from the National Australia Bank (NAB), the AUD/USD has given an "ominous" signal after dropping below important trendline support below 0.7350. NAB notes that they are looking for the US to go ahead with another $200 billion in tariffs on China, and this recent fall comes ahead of confirmation of the new tariffs, a move that "bodes particularly poorly".

NAB went on further to note that given the current bearish environment, it leads them "to generate expectations for a revisit to … lows below 0.69," but it all hinges on US-China tariffs: "If Trump doesn't pull back on the next phase of tariffs against China, this now looks increasingly likely".

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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