AUD/USD hits fresh lows as Wall Street tumbles

AUD/USD  broke below 0.7380 and fell to 0.7338 hitting a fresh daily low. The pair remains under pressure, weakened amid risk aversion. The Dow Jones is falling 1.88% and the Nasdaq drops 2.80%. The US dollar strengthened against commodity currencies during the last hours reaching fresh highs in the market.

Eyes on last week lows

The pair plummeted after Brexit referendum results and bottomed at 0.7302 on Friday, the lowest level in a week and then during the US session trimmed losses. Today it opened with a negative gap, attempted to recover but after hitting resistance at 0.7450 turned again to th downside.

Price is approaching the 0.7300 area that capped last week decline. A break below could weaken the aussie further. Support levels under 0.7300 could be seen at 0.7280 (June 16 low) and 0.7245 (May 16 low).

On the opposite direction, price needs to rise above 0.7450 to remove the intraday bearish momentum. Above it could extend gains to 0.7470/75, where it closed last week; if it continues to rise the next strong resistance is seen between 0.7500 and 0.7515.