AUD/USD analysis: Looking south, to last week lows

Matías Salord FXStreet

AUD/USD Current price: 0.7497

The Aussie continues to be among the weakest currencies in the market affected by commodity prices. It fell further against the US dollar, increasing the negative tone. On Thursday the NAB Business confidence index for the first quarter in Australia is due and jobless claims data in the US

The AUD/USD pair is consolidating marginally below 0.7500, something that already happened last week. Technical indicators point to the downside, so a test of last week lows around 0.7470 could be seen. A break lower could accelerate the decline of the pair. The next strong support is seen around 0.7420, followed by the 0.7400 handle. The current bearish pressure is high. If the Aussie rises above 0.7530 it would ease the pressure and could test the 0.7560 level. Only a daily close significantly above 0.7585 would damage seriously the current bearish perspective of the daily chart.

Support levels: 0.7470 0.7440 0.7405

Resistance level: 0.7530 0.7560 0.7610

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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