The Australian dollar hit a new six-year low today weighed down by the fall in commodity prices such as Gold, which fell to US$1081 an ounce, its lowest level since March 2010.

The Aussie dollar reacted sharply falling to US73.27c before receiving some support and climbing back up to US73.80c.

The minutes meeting from the reserve bank of Australia tomorrow will be crucial to the direction of the Australian dollar with the currency likely to face stiff resistance at around the US73.82 mark on the daily chart, which was previously a strong support towards the end of last week.

We expect this resistance level to hold up and the Aussie dollar will find itself heading back towards a new 6 year low.