The Australian dollar fell a bit during the day on Thursday, as we continue to see weakness in the commodity markets. Gold markets fell apart, and that of course is a very negative when it comes to the Australian dollar.
The Australian dollar rallied on Monday, breaking well above the 0.75 level during the day, and crashed into the 0.7540 level. This is an area that could feature some resistance based upon a cluster from April 25, so I’m not excited about buying in this general vicinity.
The AUDUSD pair initially fell on Friday but found enough support at the 50% Fibonacci retracement level to bounce a bit.
Commodity currencies got beat severely during the session on Tuesday and of course the Australian dollar was no different.
AUDUSD remains in downtrend from 0.7610, the rise from 0.7491 is likely consolidation of the downtrend.
The AUDUSD pair fell significantly during the day, testing the 0.75 level.
The AUDUSD pair rallied during the Monday session, testing the 0.76 level.
AUDUSD broke above 0.7514 resistance, indicating that the downward movement from 0.7679 had completed at 0.7473 already.
AUDUSD remains in downtrend from 0.7679.
The Australian dollar fell hard during the session on Friday, crashing into the 0.75 handle.
