The Australian dollar is falling and so far not able to find any support.
After making a new three year low from the lackluster home-loan approvals report, the currency may finally take a break from its precipitous decline.
SHORT TERM CORRECTIVE BOUNCE?
The 60-minute chart on the Australian futures contract displays a potential ABCD reversal pattern near the .9300 handle. If valid, price may have a tentative rebound towards the .9400 region.
MORE LOSSES AHEAD
With growing expectations for the RBA to cut rates and the Fed to trim QE by the end of the year, the Aussie dollar may eventually weaken toward the psychological .9000 level.