AUD/USD dips below 50-DMA after 9 days
|AUD/USD dipped below 50-DMA support in Asia for the first time in 9 days, even though commodity prices stabilized in overnight trade.
The currency pair traded at a session low of 0.7611 at the time of writing.
The weakness in the Aussie dollar seen this Friday morning goes unexplained. Moreover, Trump failed to get the health bill passed and that was a USD negative story. Speculation is rife that the bill may not be passed even today.
On the other hand, commodities stabilized with iron ore up 1.6%, aluminium 0.5% and copper, 0.3%.” Thus, the Aussie should have performed better. The tables may turn in Europe if the commodities remain resilient.
AUD/USD Technical Levels
Breakdown of support at 0.7604 (23.6% of 0.7160-0.7741) would expose 0.7580 (Mar 14 high) under which the losses could be extended to 0.7545 (200-DMA). On the other hand, a break above 0.7620 (50-DMA) could yield a revisit to 0.7654 (10-DMA) and 0.7690 (Mar 22 high).
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