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AUD/USD keeps falling, eyes on 0.9120

FXStreet (Edinburgh) - The weakness around the Aussie dollar is gaining momentum now, dragging the AUD/USD to test fresh lows near 0.9120.

AUD/USD in multi-month lows

The solid pace of the greenback is hurting the riskier assets, sending the pair to levels last seen in late March in the 0.9125/20 band. Today’s releases in Oz are not helping the AUD either, as the consumer confidence tracked by the Westpac index dropped to 94.0 for the month of September. Tomorrow’s critical employment figures will be another test for the Aussie, with markets expecting the employment to have increased by 12K in August. “The strong housing market indicated by Governor Stevens as a reason why the RBA could not ease further certainly doesn’t appear to be helping confidence and the worsening jobs market is probably the culprit here. Clearly a weak jobs report tomorrow would reinforce the current AUD/USD selling”, commented Derek Halpenny, European Head of Global Markets Research at BTMU.

AUD/USD levels to watch

The pair is now losing 0.81% at 0.9127 with the immediate support at 0.9048 (low Mar.24) and then 0.9000 (psychological level). On the upside, a surpass of 0.9288 (high Sep.9) would expose 0.9338 950-d MA) and then 0.9383 (high Sep.8).

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