By Michael McCarthy, Chief Market Strategist, CMC Markets Australia After a period of strength, AUD/USD may be breaking bad again. RBA Deputy Governor Lowe commented last week that the RBA may still lower rates if it deems fit, and overnight the FOMC moved back the US tightening timetable, but clarified it was looking through the weaker first quarter data. In other words AUD rates may go done, and US rates are going up. No wonder AUD/USD fell away from recent highs: Source: CMC Markets Over 2015 the 0.7885 level has been pivotal – and here we are again. Five straight days of falls have paused at this inflection point. If AUD/USD is resuming its long term downtrend, the potential downside looks significant: Source: CMC Markets Over 2015 the 0.7885 level has been pivotal – and here we are again. Five straight days of falls have paused at this inflection point. If AUD/USD is resuming its long term downtrend, the potential downside looks significant: