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AUD/USD consolidates losses below 0.9800

FXstreet.com (Barcelona) - The selling pressure surrounding the Australian dollar remains intact on Friday, after the cross left behind the key support at 0.9800 overnight to currently trade around the mid 0.97s.

“The Aussie’s decline has been orderly, and given the RBA’s easing bias and lingering concerns over China’s economy, AUD/USD seems set to probe fresh lows since early June
2012”, suggested Sean Callow, Strategist at the Australian Westpac.

At the moment the cross is losing 0.62% at 0.9747 with the next support at 0.9738 (low Jun.6 2012) ahead of 0.9711 (low Jun.5 2012) and finally the psychological level at 0.9600.
On the upside, a breakout of 0.9885 (hourly highs May 16) would expose 0.9913 (high May 16) and then 0.9920 (high May 15).

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