Aussie holds above 0.7300 but could extend its corrective slide in the near term AUD AUDUSD $AUD $AUDUSD
the opening on the back of skyrocketing commodities’ prices. Gold Price hit $2,002.64 a troy ounce, while US crude oil flirted with $130.00 a barrel, trading at levels not seen since July 2008. However, AUD/USD could not hold on to gains in a risk-averse environment, plummeting alongside globalAustralian data released at the beginning of the day was quite encouraging, further supporting the local currency. The February AIG Performance of Services Index jumped to 60 from 56.
The near-term picture hints at a possible bearish extension. In the 4-hour chart, the pair has broken below a mildly bullish 20 SMA, while technical indicators pulled back from extreme overbought readings to currently hover around their midlines, partially losing their bearish strength. A break through 0.7305, the immediate support level, should open the door for another leg lower during the upcoming sessions.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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