The long, steady decline of the Australian dollar – and the Australian economy – continues.
After months of sitting on the ledge of the valley of death, hovering near $0.715, it's been given a push over the edge by concerns over China's growth, and given a kick on the way down by the continued fall in commodity prices, including oil, gas and iron ore.
So, just how low can this negative sentiment, coupled with relentlessly negative Reserve Bank of Australia jawboning, send the Aussie?
The prolonged, steady downtrend in the currency is well defined using a Guppy Multiple Moving Average (GMMA) indicator.
The long-term GMMA is well-separated, showing consistent investor selling into the rallies.