AUD/USD carves out a new low as the rout intensifies. Note the AUD/JPY chart

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As bad as the price action is for stocks, it’s not that bad in FX.

AUD/USD is down 53 pips to 0.6977. That’s better than you’d expect with the S&P 500 down 3.8% and sitting at a session low.

Unfortunately, the latest leg down in AUD/USD opens up some downside with minimal support below.

AUDUSD 10 mins

Notably, a close below 0.6972 would trace out an outside day on the chart.

Another chart to note is AUD/JPY. It’s down a more-notable 151 pips today to 89.41. Technically, this looks like a failed retest of the neckline of a head-and-shoulders top. The measured target is 86.00.

AUDJPY technical analysis