AUD/USD falls to a session low of 0.6376
The currencies space is displaying hints of risk aversion with the aussie and kiwi slipping further while the dollar and yen are holding their own to start the session.
AUD/USD is down by 1% now as price falls to a low of 0.6376, back below the 0.6400 handle, after failing to breach the 61.8 retracement level at 0.6451.
If the current mood today is maintained, this will snap the aussie's seven-day run of gains against the dollar in a move that started from 0.6000 in the early stages this month.
The next key level to watch in the pair will be the 100-hour moving average @ 0.6360.
A break below that will see sellers start to gather some momentum in chasing any move to the downside. The key thing to note about the fall here is that other dollar pairs are also facing key technical challenges since overnight trading.
EUR/USD is backing off from challenging the 1.1000 level while GBP/USD is also falling after contesting the 200-day moving average. That could aid with some dollar flows amid the risk aversion in the market we are seeing today.
