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AUD/USD bears sharpening knives ahead of 2014 lows

FXStreet (Barcelona) - AUD/USD is trading at 0.8702, down -0.17% on the day, having posted a daily high at 0.8724 and low at 0.8699.

AUD/USD has picked up some support in bids from the fall out at 0.8720 onto the 0.87 handle marking the low on the session while we await domestic data from Australia and its key trading partner, the Chinese. Attention will turn to China when they give us a snap shot of their manufacturing sector. The extension of the descending trend line may prove critical if waning bulls continue to bail around the psychological handle opening doors for further vulnerability to the downside in a continuation from 0.9200 and on target to break 2014 lows.

AUD/USD levels

Support levels: 0.8700, 0.8680 and 0.8635

Resistance levels: 0.8720, 0.8770, 0.8800 and 0.8840

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