AUD/USD is losing 1.14% at 0.6713, just a few hours before (01:30 GMT ) Australian GDP data figures, in a session where risk appetite decreased sharply on risky asset classes, in part due to a structurally weak ISM manufacturing data. The selloff on the Aussie dollar reveals also some technical price action as it happened just after a fresh 2024 high for the pairs. There was also a double top formation which could have played a role, especially for quants and technical algorithmic traders.
Unless the most recent high will be tested again soon it seems likely to see a formation of a trading range, with lower side the bottom of last month, in are 0.6358.
