The Australian dollar is took out the January and 2010 low in short order.
Stops cascaded below 0.8050 and down to 0.8009 in a flash. A rumored barrier protects 0.8000 and there’s been a bounce to 0.8022 but it looks dire as Australian traders begin to sniff out a rate cut from the RBA after the BOC surprise yesterday.
AUDUSD weekly chart
Perhaps an equal factor to RBA rate cut talk is simply US dollar buying. The Australian dollar has kept pace with the US dollar this month but it could only hold the line for so long.
