The Aussie is under all sorts of pressure at the moment. Not only is the US economy slowly on the improve as we saw from GDP figures yesterday, but Australia’s is still weak. We’ve bit hitting the AUD/USD hard as it has tumbled all the way from 80 cents and we have a new target in sight.

The most recent swing low is sitting at 0.7538. Below that we are lining up to take out 0.7500 which is a big psychological level for Aussie’s.

I don’t think there is any doubt we will get there. Even with recent USD weakness, the AUD failed to rally. To me, that’s a big sign of underlying weakness. I would be looking to short around 0.7580 with a look to first taking out the lows then hitting 0.7500.

AUD/USD – 240 min Chart.