Australia's drought and economic slowdown are pushing the "Australian" down
AUD / USD pair
In recent days, the Australian dollar has been falling along with European currencies, with additional pressure on commodity prices. On Friday, oil lost about 6% and iron ore -2.49%. But in addition to this, the last half of the year in Australia has been experiencing intense heat which was the strongest since 1965 and in some regions even since 1920. To eliminate the extinction of the kangaroo from drought, the government allowed the shooting of animals. Agriculture and processing companies are declining, and weather forecasters say that everything has just begun. Even the shares of packaging manufacturer Pro-Pac Packaging did not withstand the pressure and collapsed by 19% today. The Australian stock market (S & P / ASX200) is losing 0.85% against the background of the general growth of stock indices of the Asia-Pacific Region (Nikkei 225 0.61%, China A50 0.71%).
In this situation, the "Australian" looks even overbought. On the four-hour chart, the price for all indicators is under pressure. After the price overcomes the price channel line at 0.7217, coinciding with the Friday minimum, we expect a further decline in the Australian dollar to the MACD line on the daily scale at least - 0.7165 of November 13 and further to the price channel line in the 0.7120 area.
