AUD/USD falls below 0.8660 – a double bottom formed just earlier this week as the greenback continues strengthening across the board. The Australian dollar already made a complete U-turn after reaching resistance at 0.8820 and it accelerated its losses on the excellent US jobs report.
After breaking the double bottom at 0.8660, the pair is free falling rapidly and is already at 0.8645. The last trigger was the ISM Non-Manufacturing PMI, that came out as expected and basically just got out of the way and allowed the greenback to continue its rally.
Here is the recent slide, which certainly looks sharp and awaits confirmation:
The next levels below are 0.8570, followed by 0.85. The really big line below is 0.8066.
AUD/USD is now below the low seen in January 2014. Here is the monthly chart showing that AUD/USD is at the lowest since July 2010. That’s no less than 51 months:
For more, see the AUDUSD forecast.
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