AUDUSD tests the April 2015 lows
It's not looking good for the aussie as it's just poked its nose below the April lows of 0.7532 by a few pips. We've staged a minor bounce of around 11 pips to 0.7540 but it's not looking to hot right now
AUDUSD monthly chart
A break here opens the trap door to the 0.7270 level but we have some support on the weekly chart from the 2010 May 10th and 17th weekly lows around 0.7450/65. Under the 0.7270 level we next have the 2001 support line around 0.7100
China is always a big mover for the aussie and the turmoil in Chinese stocks, among other things is having an increased affect in the currency
The Shanghai index is now down nearly 30% from the June highs and the Chinese intervention is being swatted right back at them
Shanghai index
The current level here around the low 0.75's could be very important as we put up a fight to hold. If we do then that further confirms another bottom and keeps us in the years range, with 0.7835/50 marking the main resistance point
If we are to break lower I'd want at least the big figure at 0.7500 taken out and confirmed before I'd think that the break is real
