AUD/USD hits fresh 2-week lows

A stronger US dollar across the board pushed the AUD/USD  pair to fresh weekly lows. It broke below 0.7460 and fell to 0.7441, hitting the lowest level since July 6. Price remains near the lows, currently trading around 0.7450, where it appears to have stabilized.

The Aussie resumed the downside against the US dollar after yesterday’s pause. It continues to retreat after peaking last week at 0.7675, the highest level in two months. Since then it has fallen more than 200 pips.

More declines ahead?

AUD/USD is moving below a short-term relevant uptrend line that could weaken further the outlook for the Aussie favoring an even bigger correction. It would remove bears pressure if the price rises above the 20-day moving average that stands at 0.7505; an area that offered resistance during the last three days.