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AUD/USD breaches 0.8600

FXStreet (Edinburgh) - The Aussie dollar broke below the consolidation pattern around 0.8610 on Thursday, dropping to sub-0.8600 levels once again as the greenback continues to soar.

AUD/USD keeps marginal gains

Positive readings from the US labour market plus a dovish tone from Draghi’s press conference are giving extra legs to the greenback, recovering the smile and hurting the risk-associated assets. Lee Hardman, Currency Analyst at BTMU, observed, “The Australian dollar is likely to remain under selling pressure in the near-term after the AUD/USD rate regained downward momentum yesterday falling to its lowest level since July 2010. Australian dollar weakness continues to play catch up with the ongoing deterioration in Australia’s terms of trade”.

AUD/USD levels to watch

At the moment the pair is advancing 0.04% at 0.8596 with the next hurdle at 0.8899 (high Oct.9) would expose 0.8912 (high Oct.29) and then 0.8927 (high Sep.23). On the flip side, a breach of 0.8553 (2014 low Nov.6) would expose 0.8500 (psychological level).

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