AUD/USD Breaks Below 61.8% Support And Moves Sharply Lower

The AUDUSD downside momentum is accelerating after the break of the 61.8% retracement level at 0.7983 outlined in a previous post (CLICK HERE FOR POST).  The next target level comes in at the 0.7985 to 0.7892 level where some previous lows and highs were reached.  Back in May, this area contained the upside with 0.7989 being the high.    On the topside, a move back above the 0.7983 level will put  a chink in the bearish bias, but a move above 0.8031 is really needed to worry the bears.

The AUDUSD is being pushed lower on the back of lower commodities (CRB is down 4.75 currently) and further bearish talk in the market about housing and inflation from analysts.

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