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AUD/USD falls below 0.6400

The high above 0.6500 in the AUD/USD earlier this week looks rather distant now. The move to 0.6523 on Monday came ahead of the RBA policy hike the following day. As noted here at the time following that 0.25% rate increase from the RBA, the market was underwhelmed by it, as of course it was pretty much a foregone conclusion anyway. The price action since has been mostly lower and today the AUD/USD has fallen  below 0.6400. The low seen so far has been set at 0.6392. The AUD/USD had closed in the US last night at 0.6402. The low today has stopped just short of the 50 day moving average (right now at 0.6391), so that looks like holding support for the time being. If not, then further support resides at 0.6368 (21 day moving average). On the topside resistance is at 0.6450. The AUD/USD is just now trading at 0.6397

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