The Australian dollar fell to a six week low against the US dollar after poor GDP data (0.4% from 0.8% expected) touching a low of 1.0510, before recovering, continuing the slide from the seven month high (1.0850) reached last week. The euro gained moderately as traders closed short EUR/AUD positions, further lifting the pair after a record low hit last month. Important data is released today in the US as the ADP employment report is released early in the afternoon and expected to show a rise of 204k jobs, while German factory orders are expected lower than previously.

AUDUSD 4h chart
The pair has broken support at 1.0600 and is looking heavy. Any approach to 1.0600 would be considered a selling opportunity targeting 1.0370 in the medium term.
AUD/USD H4" title="AUD/USD H4" width="580" height="439" />

AUDUSD 4h chart
The pair has broken support at 1.0600 and is looking heavy. Any approach to 1.0600 would be considered a selling opportunity targeting 1.0370 in the medium term.
