AUDUSD looks like it is headed towards 0.7870

The AUD/USD pair fell to its lowest in three weeks, reaching as low as 0.7916. ┬áThe Australian Dollar was hit by comments from RBA’s Lowe, who repeated that that rises in global rates do not have automatic implications for Australia, somehow indicating that the current on-hold stance will be extended. Also, affecting the commodity-linked currency were gold prices, which has now broken the support at 1300. In the short-term, the pair is set to extend its slide, with the next relevant support being 0.7870, the low set on August 31st.

AUDUSD H4

Trading preference

Selling is the only preference at this moment until we reach the above mentioned support level, or unless a supportive candle can gain back the losses today.

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