The treasurer of Australia, Josh Frydenberg has given hints that the upcoming budget on October 6 will be tailored to fit a ‘unique recession’. Unique and unprecedented are certainly apt words to describe out current economy conditions.
The AUD/USD has certainly been tumbling downwards of late. As risk sentiment tumbles, the USD is garnering strength – and this is not helping the case of AUD/USD to gain upwards momentum.
The pair was seen to hit a two month low of 0.7052.
AUD/USD is now trading at 0.7052, the lowest level since July 21. On August 3, a Doji candle was observed – and the low of that candle which is 0.7076 (also a horizontal support) has been hit. The next level to watch is 0.70, which is the 100-day SMA.
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