AUD/USD is a hop, skip and a blip away from breaking the October 2019 lows
The pair is trading at the lows for the day around 0.6675 with the October 2019 lows at 0.6671-72 in key focus at the moment.
The more sour risk mood in the market is pressuring risk currencies against the dollar and that is seeing the pair close in on a potential break to levels last seen back in 2009.
A break below the key support there may see the downside move in the pair accelerate as there is little in the way of a further drop amid the softer risk tones prevailing now.
In the bigger picture:
The pair looks set for more pain beyond a break of these levels and I would say traders can only look towards key figure levels i.e. 0.6600, 0.6500 etc for some form of support or rely on a fundamental catalyst for a switch in sentiment.
There is a downwards trendline potentially providing some technical area for buyers to lean on but that is currently seen closer to 0.6300, so it is a bit far out.
