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AUD/USD slides further below 0.8500

FXStreet (Córdoba) - After a short lived recovery, the aussie weakened against the US dollar and dropped to fresh 4-year lows and remains near the lows, under pressure.

AUD/USD break below 0.8500

On Asian hours AUD/USD climbed to 0.8564 but then lost momentum; during the last three hours dropped more than 70 pips, breaking below 0.8510 (Nov 25 low) and 0.8500. Bottomed at 0.8479, reaching the lowest price since July 7, 2010.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there could be some rebound, considering that 0.8550 represents a 50% Fibonacci retracement of the entire move from 2008. On a wider perspective, in the medium term, Jones expects a slide to the base of a 3-year channel located at 0.8411, followed by 0.8363, where the base of an 18-month channel lies.

AUD remains weak across the board

Currently trades at 0.8488, down 0.48%, falling for the third day in a row. Since the beginning of the week, AUD/USD lost more than 200 pips. Yesterday the the Australian dollar, among majors, was the worst currency and today is repeating.

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