The Australian dollar is one of the weak points among the major currencies (along with the New Zealand dollar).
Commodities fell sharply on the back of a stronger dollar/higher interest rates/more stubborn Fed.
Technically, the price moved lower to test a range of supports including the 38.2% retracement level at 0.6579, a swing zone between 0.6579 to 0.6585. Buyers are leaning against this level with nearby resistance at 0.6590. If it crosses this level the 200 bar moving average on the 4 hours chart will be at 0.6610.
On the downside, a move below the 38.2% level would have traders looking towards the 100-day MA at 0.6561 and below that the 50% and 200-day MA near 0.65376.
These are the influential levels now for the pair.
At the moment, sellers are more in control, but the key support at 38.2% is a level for both buyers and sellers to think about the next move in the pair.
The post AUDUSD is one of the weakest of the major currencies as USD moves higher/commodities lower first appeared on Investorempires.com.