Technical Analysis

AUD/USD hits stops on break of the May low

AUD/USD falls

AUD/USD made a quick trip down to 0.6850 from 0.6865. The drop came on stop loss selling after a break of the May low of 0.6861.

I’m surprised to see levels broken ahead of the FOMC and would be more surprised to see any significant follow through. The market seems to be treading water until we find out which way Powell will go.

That said, the RBA minutes are due at 0130 GMT so there are some AUD risks around that. Any US-China trade headlines could also weigh.

With the break, AUD/USD is once again threatening the January flash crash low

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