AUD/USD Hourly Top Confirmed; .76295 is Next

Falling equity prices continue to pressure the AUD/USD.  This sell-off started during the last hour of trading in the U.S. yesterday and carried over to the overnight market.

Falling equity prices continue to pressure the AUD/USD.  This sell-offstarted during the last hour of trading in the U.S. yesterday andcarried over to the overnight market.

The hourly chart confirmed the first sign of weakness late yesterday on a penetration of a swing bottom at .77468.  This move turned the trend to down on the hourly chart and set up the selling opportunity on the retracement back to .77817.

The charts now indicate that this market is well on its way to test a major hourly retracement zone at .76295 to .75871.

The current break in the Aussie is indicative of a shift in investor sentiment from optimism to pessimism.  This could mean another round of risk averse trading.