AUDUSD Drops To Two Month Low

In recent hours the AUDUSD is easing back a little after dropping so sharply in the last 24 hours from above 0.9350 down to a two week low at 0.9260. In the last 48 hours the Australian dollar had surged higher to a one week high near 0.9375, before easing back and then falling sharply.

It had done well of late to cling onto the 0.93 level after its sharp fall last week which saw it move from above 0.9400 down to a seven week low just below 0.9300, and in more recent days receive solid support there too. Earlier last week it was easing back below both the 0.9425 and 0.9400 levels with the former providing some resistance.

The Australian dollar reached a three week high just shy of 0.9480 a couple of weeks ago after it enjoyed a solid period which saw it surge higher through the resistance level at 0.9425 to the three week around 0.9480, before easing back towards that level.

The Australian dollar enjoyed a solid surge higher reaching a new eight month high above 0.95 several weeks ago, only to return most of its gains in very quick time to finish out that week. Since the middle of June the Australian dollar has made repeated attempts to break through the resistance level around 0.9425, however despite its best efforts it was rejected every time as the key level continued to stand tall, even though it has allowed the small excursion to above 0.95.