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AUD/USD drops to fresh 2014 lows

FXStreet (Edinburgh) - The Aussie dollar extends its decline on Wednesday, pushing AUD/USD to print fresh ytd lows in sub-0.8610 levels.

AUD/USD on its way to 0.8600?

Spot intensifies the decline and is trading closer to the 0.8600 handle today, giving away all previous gains after hitting multi-week peaks beyond 0.8900 the figure last week. The resurgence of a strong bid tone for the greenback post-FOMC gathering is to be blamed for the current weakness in the AUD, confining the pair to the lower 0.8600s so far. Later on during the US session, the ISM non manufacturing and speeches by Fed’s Lacker and Rosengren will keep traders entertained. In the meantime, the US ADP report showed that the private sector added 230K jobs in October, surpassing the 220K forecasted.

AUD/USD key levels

At the moment the pair is losing 1.45% at 0.8609 facing the next support at 0.800 (psychological level). A breach of 0.8899 (high Oct.9) would expose 0.8912 (high Oct.29) and then 0.8927 (high Sep.23).

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