AUD/USD breaks sub-0.78 by Milan Cutkovic

  • AUD/USD posted a fresh low of 0.7792 earlier
  • The slightly upbeat language in the FOMC and the dovish RBNZ weighed on the Aussie as well
  • Expectations are that the RBA will cut rates soon; however, few think it will happen next month
  • Looking at the charts, there is not much support until 0.77, which is the Summer 2009 low
  • Selling rallies remains the preferred strategy, with 0.7890-0.7910 now the pivotal short-term resistance area

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