AUD/USD slides to 0.6420 as risk-off sentiment weighs on commodity FX
AUD/USD extended its decline to 0.6420 during Thursday's European session, maintaining its bearish trajectory ahead of the Jackson Hole symposium. The Australian dollar faced dual pressures from broad risk-aversion in global markets and persistent strength in the US dollar index. Commodity currencies remained under pressure as traders reduced risk exposure before Fed Chair Powell's speech, with concerns about global growth outlook adding to AUD weakness. Technical indicators suggest the pair has broken below key support at 0.6450, opening the path toward 0.6400 psychological support. The 50-day moving average at 0.6485 now acts as resistance. Without positive catalysts from either Australian economic data or a dovish Fed surprise, AUD/USD appears vulnerable to further downside, particularly if Powell maintains a hawkish stance on monetary policy.
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