AUD/USD resumes the decline and drops to test 0.7000

By FXStreet FXStreet (Córdoba) – AUD/USD resumed the decline after a short lived recovery during the European session and is testing the 0.70 handle.

The pair rose earlier from 0.7017 (Asian session lows) and peaked at 0.7064 as European stocks markets recovered ground. But then lost strength and started to move again to the downside. It accelerated during the last hours and recently reached a fresh daily low at 0.7000, level last seen 13 days ago.

AUD/USD drops further

The aussie is falling for the third day in a row versus the US dollar, accelerating the decline today. Since the beginning of the week it lost almost 200 pips, as it continues to retreat from 0.7279 (Sept 18 high).

AUD/USD managed to trimmed losses earlier amid a rally in European equities. But in Wall Street main stocks indexes failed to hold to gains and the US dollar gained momentum in the market particularly against emerging market and commodity link currencies.
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Source:: FX Street