Australian Dollar nosedives on growing rate cut expectations - The AUDUSD continued to tumble overnight with the pair hitting a low of .7721 in early North American trade, a level last seen on July 13, 2009. While heightened RBA rate cut expectations have largely fuelled the decline seen in recent days I expect movements in USDJPY, something of a proxy for USD strength in Asia whenever major Japanese data is released, to be the main driver of movements in the pair today. Support is found at the overnight low with further bids likely at .8700 with resistance kicking in at .7800 and again at .7855. (VIEW LINK)