The AUD/USD pair crashed in the last hours and now is located at 0.6543 at the time of writing. The greenback took the lead as the Dollar Index rallied. The USD started to grow after the Canadian CPI reported a 0.1% growth in October versus the 0.1% drop in September. The FOMC Meeting Minutes boosted the USD as well. The FED is expected to keep the monetary policy unchanged.
Fundamentally, the USD received a helping hand from the US Revised UoM Consumer Sentiment and from the Unemployment Claims earlier today. Tomorrow, the US banks will be closed in observance of Thanksgiving Day. Still, the Australian Flash Manufacturing PMI and Flash Services PMI should move the rate in the early morning. Poor economic data could weaken the AUD.
AUD/USD Challenges 0.6535 Key Support!Technically, AUD/USD failed to retest the Rising Wedge's upside line confirming an overbought. Now, it has turned to the downside and it has taken out the uptrend line.
It challenges the former low of 0.6535 which represents a downside obstacle. Its failure to stay above the uptrend line in the last attempt announced strong downside pressure.
AUD/USD Forecast!Stabilizing below 0.6535 and dropping below today's low of 0.6521 activates more declines. This is seen as a selling opportunity.