AUD/USD continues to fall, targeting 0.9910

On Wednesday (November 16), the Asian market was dragged down by the continuous fermentation of the European debt crisis. The Australian dollar fell below the 1.01 integer mark and touched the intraday low of 1.0070, after the exchange rate rose to 1.0180.

The yields of treasury bonds in core countries such as Italy and Spain continued to rise, causing investors to worry about the debt crisis in Europe. Italian 10-year Treasury yields once again exceeded the tipping point of 7%, and fears spread again. Investors Continue to seek the US dollar as a hedge against risk targets.

Analysts said that the recent AUD/USD fell below the 20-day moving average of 1.0358, the exchange rate may further fall below the 1.0050 level and point to 0.9910, which is the 61.8% Fibonacci retracement of the 0.9388 to 1.0753 rally. Resistance is located at 1.0209.

Analysts also said that if the Australian dollar/dollar continues to decline during this period, the support is located at 1.075 and 1.0040; in the upward direction, the resistance lies at 1.0220, 1.0270 and 1.0310.

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