Australian political instability rises!

PM Malcolm Turnbull, faces the possibility of a second leadership vote within the Liberal party as three ministers deserted him so far. After a leadership vote, and after a calling for a second leadership vote, ministers deserted the PM. Currently parliament has been adjourned, if we see any further escalation we could see the Aussie weakening.

AUD/USD dropped steeply today, breaking the 0.7325 support line. We could see the pair stabilising today… We could see it breaking the 0.7325 resistance line. On the other side, we could see the pair breaking the 0.7265 support line and aim for the 0.7200 support area.