The pair is looking to post its fourth straight day of declines
Although we still have European and US markets still to come. The pair so far has been in a 20-ish pip range for the day, reaching a high of 0.7608 and low of 0.7583.
We're closer to the bottom of that range now, as the topside seems capped by the September to October downward trendline.
The 61.8 retracement level of this year's swing to the upside has also provided a little bit of resistance in the last week as the pair has failed to stay above it. And now, it's looking for a move to the downside again.
The key support level here will be the 22 June low of 0.7535 which the pair tested on 21 November but failed to hold below it. Subsequently, the 0.7500 psychological level should be the next area to look out for in terms of support.
The yield spread between the two currencies could be more of a factor moving forward, and if it does that does not bode well for the AUD. I touch a little on that here two days ago.
