AUD/USD has declined to the 1.0375 low, dropping to the 50% level on the Fibonacci (from the 1.1078 high). Intraday bias remains on the downside, as long as the 1.0778 minor resistance line is not broken. On the downside, the currency pair broke the 1.0390 major support line and hit the 1.0375 low.

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The Dollar fell overnight against most majors as investors continued to weigh the political situation in the Middle East and North Africa. The lack of fresh news from these regions encouraged traders to lighten up safe haven positions placed in the Greenback over the past few days.

With the Euro rapidly approaching the major retracement zone at 1.3577 to 1.3744, traders have to be asking themselves if overcoming this area means investors are betting on a rate hike by the European Central Bank or do they believe that Europe is overcoming its fiscal problems.