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AUD/USD about to enter 4-yr low territory

FXStreet (Bali) - AUD/USD has clearly broken the 0.87 round number, setting a fresh new low at 0.8660, only a few pips away from breaking into its lowest since July 2010. has clearly broken the 0.87 round number, setting a fresh new low at 0.8660, only a few pips away from breaking into its lowest since July 2010.

Unlike the Chinese HSBC PMI, which saw a counter-intuitve move in favour of the AUD after a downward revision on Tuesday, the disappointing Aus retail sales report (+0.1% vs +0.4% exp) has seen sellers come back in earnest, with the Aussie falling over 50 pips from its pre-release level.

Technically, Jim Langlands, Founder at FXCharts, notes that "the 24 January low at 0.8660 should act as strong support ahead of the July 2013 at 0.8632. Below here there is little to suggest that the Aud will pull up ahead of the 50% pivot of the long term rally from 0.6006/1.1082, at 0.8538."

USD/JPY: 110.00 pivot held the initial test

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