AUD/USD extends decline to 1% on stronger dollar, softer risk tones

Technical Analysis

AUD/USD falls to a session low of 0.6271

AUD/USD H1 21-04

The dollar is continuing to push gains on the day, rising to session highs as we look towards North American trading in a couple of hours.

AUD/USD has fallen to a low of 0.6271 and is closing in on near-term support around 0.6267-70 currently. That coincides with last week’s lows as well as the 38.2 retracement level of the recent swing move higher from just under 0.6000.

A break below that will open up a bit of a slippery slope in the pair with further support only seen closer to 0.6200 before we track towards 0.6000 potentially.

Risk aversion is the name of the game today and the drop in oil prices isn’t really helping with the risk mood in European trading. The DAX is down by 2.8% currently with US futures also down by more than 1% on the day as well.

That in turn is helping with the dollar appetite and is also pressuring the aussie lower.

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