The 0.8733 area is a stone’s through away in AUD which has traded as low as 0.8750. A sustained break of the lows argues for a measured move decline toward 0.8100.
These things do not unfold in a straight line, so if bearish and believe that the global recovery is losing steam, look to sell rallies rather than weakness. AUD has a way of punishing latecomers to the party.
Expect big stops below the 0.8730 level followed by a bounce.
