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AUD/USD drops to fresh 4-year lows

FXStreet (Córdoba) - Greenback is rising across the board and accelerated in the last hours while the aussie is among the worst performers. AUD/USD broke below 0.8640, where previous lows lie and bottomed at 0.8610, reaching levels not seen since July 7, 2010.

Currently trades around 0.8625/30, more than a hundred pips below daily highs and 1.20% down for the day; still under pressure.

The pair found resistance at 0.8760/65 during the Asian session, then turned to the downside and accelerated below 0.8710 (Tuesday’s European and American session lows). The area around 0.8650 failed to contained the decline and the pair dropped 40 pips in a few minutes.

AUD/USD possible targets

Recent movements are in line with the main trend. Karen Jones, chief analyst at Commerzbank notes that they continue to target the 0.8550 area, where the Fibonacci retracement of the 50% of the move from 2009 lies, “This guards the base of the 3 year channel at 0.8438/0.8391”.

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