AUD/USD is a good player. The pair is approaching the lower limit of its 5-months range. Australia’s economy is flexible and it is not too big. When AUD is expensive, it immediately reflects on the economy. The exporters suffer, international tourism declines, all of which hurts the business activity in the country. So, that’s quite obvious that the central banks can’t stand such state of things and interferes.
The pair has been falling for 4 months, so, it’s probably the very time for it to turn around. Remember that there will be the RBA’s meeting next Tuesday, and Philip Lowe will deliver his speech.
AUD may find the bottom at April 16th lows at 0.7490 and turn to to the upside then.