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AUD/USD breaks below 0.8700 and briefly tests lows at 0.8685

FXStreet (San Francisco) - The AUD/USD broke the 0.8700 level and extended lows to 0.8685, minimum since October 14, where the pair found buying interest that sent it above 0.8700 quickly.

Currently, AUD/USD is trading at 0.8703, down 1.09% on the day, having posted a daily high at 0.8763 and low at 0.8687. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.

AUD/USD sentiment

According to the FXStreet's chief analyst Valeria Bednarik, "the AUD/USD finally capitulated having flirted with 0.8700 already twice today, and maintaining a strong bearish short term tone according to the 1 hour chart." Bednarik points out that "further declines pointing for an extension down to 0.8640, October monthly low."

With a successful bounce at 0.8685, pair will find next resistances at 0.8750, 0.8800 and 0.8840. To the downside, supports are at 0.8685, 0.8675 and 0.8640.

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