The pair opened at $0.8783 and ran into early selling which pushed the rate down to $0.8759, with some traders citing concerns about reports of China’s move to impose tariffs of coal imports. The aussie extended losses to $0.8747 as stock markets in the region mostly opened lower following the overnight drop in US stocks. There was muted reaction to the release of Australian housing finance data but aussie-dollar did manage to rebound off that low as early sentiment stabilized and with some of the main stock market indices in the region moving off their worst levels for the day so far. Aussie-dollar’s rebound saw the pair take back $0.8778, and the pair was last holding nearthere, at $0.8773. Immediate support is now eyed around the $0.8730 area of the Oct 7/8 lows, with stops then noted on a break below. Further losses would then bring the 2014 low of $0.8643, traded on Oct. 3, into range.
