The Australian Dollar suffered its sixth consecutive day of losses Tuesday and could face further declines still as a series of risk events is looming large over the Antipodean currency, although technical analsts at Commerzbank see the Aussie finding support on the charts around current levels.
The Australian Dollar fell Monday but is likely to outperform other G10 counterparts in winning back ground previously lost to the its U.S. rival this week, according to analysts at Morgan Stanley, who say the Antipodean unit should "break meaningfully" above a major technical resistance barrier that blocked its way earlier in July.
The Australian Dollar fell close to two percent in the week ending Friday but could be set for further declines over the coming days, according to analyst at Commerzbank and Australia & New Zealand Banking Group (ANZ).
The Australian Dollar retreated further from last week's highs Thursday after comments made by Reserve Bank of Australia (RBA) Governor Philip Lowe were perceived as leaving the Antipodean unit vulnerable to fresh losses in the months ahead.
The Australian Dollar was on its back foot Wednesday after being repelled from a key technical resistance barrier and as investors bet the Reserve Bank of Australia (RBA) will cut its interest rate again sooner rather than later, but multiple analysts are saying that further losses should be limited.
The Pound-to-Australian-Dollar rate is set to begin trading around 1.7742 when the market opens after falling back to its January lows in the previous week, although the pair is in a downtrend and the charts are arguing for more losses in the days ahead.
The Australian Dollar cooled its heels on Friday after running head-on into a "tough" resistance level on the charts and amid a rebound by the U.S. currency, although the Aussie could face a more protracted retreat next week if analysts at Commerzbank as well as Australia & New Zealand Banking Group (ANZ) are right.