Makes new week lows
The AUDUSD dipped to new session lows and new week lows. The low on Tuesday reached 0.7509. That also equaled the low price from March 29th. The low price just traded at 0.7504.
The break should solicit more selling with the next target being 0.7488. This is the 38.2% retracement of the move up from the March 1 low. It also was near the low price going back to March 28 (0.74927 was the low on that day).
Stocks in the US are trading back lower today and this may be pressuring the pair (concerns about global growth today). The S&P is down 0.85%. The Nasdaq composite is down -51.98 points or 1.04%. The Nasdaq gained about 60 points yesterday so it has reversed it's fortunes today (like the AUDUSD).
