Forex: AUD/USD extends losses, threatens support

FXstreet.com (Córdoba) - Weighed by the steep decline in stocks, the Australian dollar extended losses versus the greenback and fell to its lowest level in 18 days during the American afternoon.

AUD/USD has dropped over 70 pips throughout the day, pressured by the risk aversion mood, and recently printed a low of 1.0403 where the 100-day SMA has helped to contain the downside. The cross is set to close the week with a loss of 1.2%, having fallen 4 out of the 5 trading days.

If the pair breaks below the 1.0403/00 area, next support is seen at 1.0375(Nov 23 low), while in case of bounces resistances could be found at 1.0435 (intraday level), 1.0455 (hourly high Dec 21) and 1.0485 (daily high).

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