AUD/USD is contesting a push below its 100-day moving average today
With the dollar keeping firmer, AUD/USD sellers are pushing the agenda ahead of European morning trade with price now easing below its 100-day moving average (red line) @ 0.7614 and creeping just below the 0.7600 handle.
The former will be a key level to watch ahead of the close today as a break below that will see buyers lose the broadly more bullish bias in the pair on the daily chart.
That will then put added focus on the February lows @ 0.7564-83, with buyers needing to defend that in order to prevent a more profound technical breakdown.
Beyond that, further support is seen closer to 0.7500 and then the 200-day moving average (blue line) @ 0.7367 currently.
As much as this is looking like a broader dollar story (as seen the key technical pushes with EUR/USD, GBP/USD, and NZD/USD as well), the aussie also is facing some headwinds at the moment, albeit indirectly.
The continued pressure in Chinese stocks on the PBOC pulling short-term liquidity, depressing sentiment in Chinese assets and indirectly the aussie.
Adding to that is commodities are also being pressured lately (questions surrounding the supposed 'supercycle') and that also has some indirect impact on the currency.
