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AUD/USD breaks below 0.8920/30, targets 0.8850/70

FXstreet.com (Barcelona) – The AUD/USD is breaking through the multiple-tested 0.8920/30 area, initially producing a quick decline towards 0.8910 as stop losses were tripped.

Scope for more downside

The latest break on the Aussie opens up fresh downside towards 0.8870 ahead of 0.8850, which refers to the lowest in the ongoing bear trend, and that might have its hours/days numbered as emerging markets sell-off, geopolitical tension in Syria escalate and the RBA easing bias continues.

0.8960/70 to find sellers

Recoveries on the AUD/USD are now expected to find willing sellers are 0.8960/70, level which capped the latest short-lived bounce earlier at the Tokyo open. …read more