JonathanWong
Short

AUDUSD broken support at 76 cents. What's next on the table?

FX:AUDUSD   Australian Dollar / U.S. Dollar
Disappointing chinese data and USD strength has resulted in AUDUSD             breaking out of its consolidation around the 76 cents to 79 cents range in the past month. Support at 76 cents was not strong enough to form a triple bottom. Prices likely to head lower with expectations of a further rate cut by the RBA. The only solace for the AUDUSD             came from a better than expected unemployment data (6.3% actual vs 6.4% consensus), bringing the pair back into the 76 cents territory. R:R ratio suggests looking for a more appropriate level between 77- 78 cents for a short.
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