Australian Dollar Lower Against US Dollar As Commodities Decline

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Australian Dollar Lower Against US Dollar As Commodities Decline

By Greg Michalowski on March 24, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The string of 10 straight up days for the AUD/USD seems to be in jeopardy. The decline in commodities today (copper, gold, oil, aluminum, nickel all down), has led to some profit taking in the pair. The AUD/USD moved above the key 100 day MA at 0.6617 last week. The high was reached today at .7092. Over the 10 day run, the price has increased from a low of 0.6305.

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There is support in the AUD/USD at the 0.6934 area. Resistance, then support occurred at this level ove the last few days. The 100 hour moving average which is currently at the 0.6893 is also support for the pair. The market price should stay above this MA to keep the bullish bias for the pair (in the short term).

The pair is influence by the price of commodities. Should priced rebound from the lower levels this morning, the AUD/USD should benefit.

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