The commodity currencies have been slowly bleeding lower alongside the stock market. The S&P 500 is at the lows of the day down 9 points to 1631 – wiping out yesterday’s gains.
AUD/USD was last at 0.9628 and is buffered by a layer of medium-sized orders that stretch from 0.9620 down to 0.9600. More bids are at 0.9590 and 0.9565. There are larger bids at Friday’s low of 0.9549. Technically, a close below 0.9591 would create a potent bearish engulfing candle.