It is up 0.25% in early trade

The Australian stock market is open and the S&P/ASX is opening up 21 points or +0.35% in early trading.

In the forex market, the AUDUSD traded to the lowest level since June 7th yesterday and is trading near the lows at 0.7504 (low 0.7507 and high 0.7513).

Technically, the price fell below the 61.8% of the move up from the December swing low at 0.7528 and other swing lows in that area (see chart above) That is more bearish and is close risk for shorts now. We currently trade at 0.7511. The next downside target will look toward swing lows with 0.7472 the closest target.