The Australian dollar extended previous session's downtrend against its US counterpart in early European deals on Tuesday. The aussie reached a 6-day low of 1.0429 against the US dollar around 3:30 am ET, compared to 1.0478 hit late New York Monday.
Technical standpoint is quite bearish for the pair as it rightly reversed from its key resistance zone of 1.0600/30 area last week. A double-top reversal formation in the daily chart signals further selling with 1.0320 seen as the next likely support level.
For comments and feedback contact: editorial@rttnews.com
Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.