The Australian dollar was under pressure on Friday, falling to a fresh 11-week low against a rallying US dollar as anxious investors pared riskier bets into the year-end. The Aussie was hovering around $0.8890, having shed over two cents so far this week. The technical background had turned bleak after breaking major support at $0.8905 and slipping below its 100-day moving average around $0.8852.
Aussie also lost ground on the yen at 79.44 yen, down two yen for the week, with traders reporting brisk selling from Japanese investors who were repatriating funds for safety. That trend lifted the yen across the board, while the euro came under heavy pressure as the market mood turned more negative on the single currency. The slump in the euro began when it broke major support at $1.4480/4500 on Thursday, triggering waves of stop-loss selling and a fall to as far as $1.4308. More option-related stop-loss sell orders are seen under $1.4300.
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