Firstly the Chinese PMI came in below expectations and then S&P were reported as saying that they will downgrade the Australian rating if the budget situation does not improve.
AUD/USD fell heavily through .73 cents driven by stop-loss selling. Bottom pickers (such as myself 
) were forced to re-assess our commitment.
Support levels are reportedly firm between .7250/70 but any rallies now towards .7320 will run into sellers for sure.
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