The AUD/USD dropped to an intraday low of 0.8763 on the news, and currently trades slightly consolidated above at 0.8770, nearly 0.80% lower, ahead of the Asian session.

“At the current juncture, technical indications are hinting at overbought, but the key upside level to watch continues to be the 0.8850 level” said James Chen of FX Solutions ahead of the move to the downside. “In the event that this triple top high continues to be respected, and price drops to breakdown below the 0.8780 support region, bearish momentum could potentially target the noted 0.8630 support region to the downside once again.”

Wed, Jul 21 2010, 22:32 GMT
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