FXstreet.com (Sydney) - The Aussie fell sharply today and is trading at 0.9046. The pair has lost ground to the USD steadily and posted an intraday low of 0.8985. The pair maintains support at 0.8988, resistance at 0.9066 and is considered slightly bearish.
The AUD fell after the Dubai government announced that it would seek an extension to repay maturing debts in December. There are fears that the debt-stricken Dubai government may default. This resulted in the market returning to risk aversion which did not benefit the AUD. Dubai World, the government's holding company owns strategic global assets including running half of Australia's ports.