FXStreet (Buenos Aires) - Chaos took over the financial markets in the American morning, with the greenback down by hundreds of pips against most of its major rivals. Dow futures are 690 points lower a few minutes ahead of the opening, WTI oil fell down to $38.50 and gold advances due to its safe-haven condition, with panic triggered by China being the one and only market mover.

Nevertheless, the AUD/USD collapsed down to a low of 0.7039, and the antipodean currency seems vulnerable to additional declines over the upcoming hours, as market sentiment towards the Aussie is negative, due to the strong commercial dependence of the country on China, and despite dollar's weakness against other currencies.

The immediate support is now 0.7120, with a break below it exposing the pair to retest of the mentioned daily low. Buyers may surge on a test of the 0.7000 level, yet a shallow bounce from it should force investors to take profits out, fueling the slide towards the 0.6960 price zone.

Above the 0.7200 figure, the pair has its next resistance at 0.7260, where the pair presents several intraday lows from this past July.