AUD/USD falls to a low of 0.7766 on the day
After a relatively solid start to the week yesterday, the aussie and kiwi are notable laggards today with AUD/USD now falling by 0.4% to 0.7766 in European trading.
The high yesterday fell just short of testing the 20 April high @ 0.7816 before sellers stepped in and are keeping with some slight downside pressure now amid a firmer dollar.
That said, buyers are still in near-term control with price action still keeping above the confluence of the key hourly moving averages @ 0.7750-53 at least.
The drop in the past few hours now sees price start to test some minor support around 0.7765-67 near the 38.2 retracement level of the swing higher from last week.
As such, the move here is modest but it hasn’t really changed the technical picture all too much with key levels still intact for the time being.
Sellers are still staying in the game closer to 0.7800-16 while buyers are also still poised as long as price holds above the key hourly moving averages as pointed out above.
Just be mindful that the 100-month moving average is seen @ 0.7800 and will be a key level to watch in the coming days too with April trading set to come to a close this week.