The Australian dollar remains fragile as markets pivot away from high-beta, riskier currencies in favour of safe havens like the Japanese yen and Swiss franc
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Overnight FX moves reveal the Japanese yen as the major winner while the Australian dollar makes up last place within a group of popular currencies. The Australian dollar has plunged over the last 10 days as broader market sentiment has soured.
The pair currently tests the 200-day simple moving average , with the 98.70 level next in sight. In the meantime, a daily close below the 200 SMA would suggest that bearish momentum has not yet run its course. Chasing such fast moving markets offers up sub-optimal risk to reward setups. Instead, a shorter-term correction would be more constructive before assessing a bearish continuation of deeper pullback. A correction towards 102.
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