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Aussie falls further as sellers eye downside extension to key technical break

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AUD/USD falls 0.4% to the lows of the day at 0.7065

AUD/USD D1 03-12
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The drop also comes amid firmer tones in the dollar going into European morning trade, though the aussie itself is landing in trouble amid a technical break below support from the August lows in trading this week.

That was a level highlighted a few days back here.

As much as risk sentiment looks to be clawing its way back up after omicron fears earlier on in Asia, the aussie is finding little reprieve as the dollar holds firmer and as sellers stick with the technical break in search of the next leg lower.

The week’s low comes in at 0.7062 and that could very give way and open up a push in AUD/USD towards 0.7000 next, though there is some minor support from the 38.2 retracement level of the swing higher from March 2020 to Feb 2021 @ 0.7052.

The aussie isn’t the only commodity currency under pressure at the moment as NZD/USD is also down 0.5% to 0.6780 as price threatens a technical break below 0.6800 with the kiwi facing a similar scenario as the aussie at the moment:

NZD/USD D1 03-12

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