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AUD/USD loses the double bottom – lowest since 2010

AUD/USD falls below 0.8660 – a double bottom formed just earlier this week as the greenback continues strengthening across the board. The Australian dollar already made a complete U-turn after reaching resistance at 0.8820 and it accelerated its losses on the excellent US jobs report.

After breaking the double  bottom at 0.8660, the pair is free falling rapidly and is already at 0.8645. The last trigger was the ISM Non-Manufacturing PMI,  that came  out as expected and basically just got out of the way and allowed the greenback to continue its rally.

Here is the recent slide, which certainly looks sharp and awaits confirmation:

AUDUSD breaks down October 3 4 2014 technical chart after US NFP

The next levels below are 0.8570, followed by 0.85. The really big line below is 0.8066.

AUD/USD is now below the low seen in January 2014. Here is the monthly chart showing that AUD/USD is at the lowest since July 2010. That’s no less than 51 months:

AUDUSD lowest since 2010 on October 3 4 2010 after US NFP below 8660 Australian dollar selloff

For more, see the  AUDUSD forecast.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.