AUD/USD: The Australian dollar slumped to a 1-month low after the Reserve Bank of Australia underlined its dovish stance by downgrading forecasts for economic growth and inflation. The Aussie trades 0.3 percent down at 0.7080, having hit a low of 0.7060 earlier; it’s lowest since January 4. Immediate support is seen at 0.7044 (Dec. 26 Low), a break below targets 0.7016 (Dec. 27 Low). On the upside, resistance is located at 0.7166 (January 24 High), a break above could take it near 0.7234 (January 11 High).
AUD/USD daily chart