AUD/USD (current price: 0.7587)
The Australian Dollar followed commodities lower on Friday and the currency is lower again today, as the rally of the Dollar continues. The pair is now back near the 0.76 level that has been acting as both support and resistance in the previous weeks. The slight correction in Asian stocks also pushed the Aussie lower this morning and the relative weakness of the region might persist later on this week, s the New Zealand Dollar also remains under pressure.
Our assessment: AUD/USD is still trading in an advancing long-term trend, but the 0.7750 resistance seems to be holding back the pair, and a deeper correction is possible if Asia continues to retreat.
