AUD/USD: nearing October low of 0.7624
|AUD/USD Current price: 0.7636
- The heavy tone of equities and commodities weigh on the Aussie.
- Data-light macroeconomic calendar ahead of Tuesday.
The AUD/USD pair is trading at daily lows mid-European session, weighed by the soft tone of worldwide equities. The Australian dollar attempted to recover some ground after gapping lower with the weekly opening, but selling interest contained the advance in the 0.7660 region, the immediate resistance. Australian dollar's weakness will face several challenges this week, with the most relevant being October employment figures on Thursday, but also offering confidence and wages' inflation figures earlier in the week. With no US data to lead the market, the pair will likely keep following the lead of equities and commodities. From a technical point of view, the 4 hours chart shows that the risk is towards the downside, with the pair dangerously close to 0.7624, October low, and developing below the 20 SMA as technical indicators accelerate south within bearish territory. Below the mentioned low, the bearish momentum will likely accelerate, with 0.7550 being a probable bearish target for this Monday.
Support levels: 0.7625 0.7590 0.7550
Resistance levels: 0.7700 0.7730 0.7760
View Live Chart for the AUD/USD
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