The week did not start well for the Australian Dollar, as the currency encountered a quick 1% dip. The fall did not stop as Wednesday witnessed the AUD/USD trading pair trailing at 0.6266.
Several traders expected the European session to bring good news, but it resulted in the currency dipping another 0.52%. While the mark is low, the currency managed to go even further earlier when it hit 0.6247. This was AUD’s lowest level in the past two years.
Since many traders were eyeing the currency closely, they looked for the best Australian forex brokers to leverage every possible opportunity. However, the ailing AUD crashed under the confidence data’s pressure.
The Services PMI scored 48.0, falling into the contraction domain in September. The number was quite low seeing how it posted a 53.3 a month before. With businesses running low on confidence, the NAB business confidence fell to five from ten in one month.
Even the Westpac Consumer Sentiment showed that traders are unhappy with a negative 0.9% rating in September. The rating reached a positive 3.9% back in August, marking its only gain in the past 11 months.
Since the ongoing crisis has dampened users’ risk appetite, they are only choosing assets after running a thorough research. That is why many users are following every Oanda broker review to find the ideal market position.
With the US releasing its PPI and CPI data this week, everyone is on edge right now. The resistance for the AUD/USD pair has been placed at 0.6299 and 0.6424. Similarly, their support level has been placed at 0.6203 and 0.6106.