AUD/USD breaks support in fall to lowest since mid-January

Ugly chart for AUD/USD

The Australian dollar took out the April low in a drop to the worst levels since January 16. The CPI report released earlier was a mixed bag with the headline and weighted mean numbers on the soft side but the y/y trimmed mean slightly better.

But all the main numbers were below target and that"s what the market focused on as AUD/USD immediately fell 35 pips, bounced a dozen and then has skidded ever since.

Some small stops were hit in the past few minutes as the April low of 0.7471 broke.

Looking at the chart, there isn"t anything to be optimistic about. It parallels with the USD/CAD chart, which also broke out yesterday. However, it didn"t close outside the range and that"s what I"ll be watching for in AUD/USD.

AUD/USD breaks support in fall to lowest since mid-January
AUD/USD breaks support in fall to lowest since mid-January
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