AUD/USD slips to session lows on the day at 0.7665

The struggle continues for the aussie. When China moved to devalue the yuan back in August 2015, the same thing happened to the aussie as well. And when the news broke out earlier, the aussie is the biggest mover in the currency space in reaction to it.

In the near-term, the drop sees the currency fall below the 100 and 200-hour MAs and that is bearish for the pair. But it is still hanging onto nearby support at 0.7667 as shown in the hourly chart:

But in the bigger picture, the 76.4/23.6 retracement level @ 0.7652 remains the key support level for the pair at the moment. That is the level that needs to be broken for any further downside move to materialise.

Here's a look of that on the daily chart: