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AUD/USD extends the drop below 0.9300

FXStreet (Edinburgh) - The Aussie dollar is now quickly depreciating on Tuesday, dragging the AUD/USD back below the 0.9300 handle.

AUD/USD hurt by dollar, RBA

The ongoing USD rally continues to take a toll on the high-beta currency and the risk-associated universe at the beginning of the week. Adding to the downbeat sentiment around AUD, the RBA left its policy unchanged today, hinting at the fact that the exchange rate could be above its estimates. According to Shaun Osborne, Chief FX Strategist at TD Securities, “The broader trend channel is lower still but the ceiling will allow for a move up the low 0.94s, as the short-term charts warn might be on the cards. Above 0.9450 would be positive but new highs are really needed to turn the trend bullish”

AUD/USD levels to watch

The pair is now losing 0.39% at 0.9295 with the next support at 0.9272 (low Aug.26) and then 0.9245 (trendline). On the flip side, a breakout of 0.9352 (high Sep.1) would expose 0.9356 (50-d MA) and then 0.9374 (high Aug.28).

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