The AUD/USD currency pair has been on a downward spiral in recent weeks, with the pair now trading near the 0.6580 target area. Bears have been in control of the pair since the beginning of the month, and the pair has been unable to break out of its current bearish trend.
The AUD/USD pair has been in a bearish trend since early August, when it was trading near 0.6750. Since then, the pair has been on a steady decline, with the bears taking control of the pair and pushing it lower. The pair has been unable to break out of its current bearish trend, and is now trading near the 0.6580 target area.
The recent decline of the AUD/USD pair can be attributed to a number of factors. Firstly, the US dollar has been strengthening in recent weeks, as the US economy continues to show signs of recovery from the pandemic. This has put pressure on the AUD/USD pair, as investors have been selling off their AUD holdings and buying into the US dollar.
In addition, the Reserve Bank of Australia (RBA) has been cutting interest rates in an effort to stimulate the economy. This has caused investors to move away from the AUD and into other currencies, such as the US dollar.
Finally, the Australian economy has been struggling in recent months due to the pandemic. This has caused investors to become more cautious about investing in the Australian dollar, which has further weighed on the AUD/USD pair.
At this point, it appears that the AUD/USD pair is likely to remain in its current bearish trend. However, if the US dollar continues to strengthen or if the RBA takes further action to stimulate the economy, then the pair could see some relief. Until then, investors should remain cautious and watch for any signs of a potential reversal in the AUD/USD pair.
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