The Aussie dollar is now rapidly losing the grip vs. the greenback, pushing AUD/USD to the 0.7060/50 band, or session lows.
AUD/USD plummets on USD strength
Spot has quickly left behind the critical support at the 0.7100 handle and dropped to the current area of session lows in the mid-0.7000s in response to a strong rebound of the US dollar, which continues to hurt the USD-denominated assets.
In addition, the generalized softer tone in the commodities’ space is adding further downside pressure to AUD, which is already trading in 2-day lows.
AUD/USD key levels
As of writing the pair is losing 0.24% at 0.7055 and a breach of 0.7021 (20-day sma) would expose 0.6999 (low Feb.3) and finally 0.6916 (low Jan.26). On the flip side, the next hurdle aligns at 0.7246 (high Feb.4) followed by 0.7325 (200-day sma) and then 0.7388 (monthly high Dec.4).
(Market News Provided by FXstreet)