AUD – Break Below Trendline; Soft Bias Toward the 50-Day MA

AUD/USD posted a weekly decline, tracking the broader soft tone in commodity currencies. A stronger dollar, together with softer iron-ore and energy prices, weighed on the Aussie. Technically the pair has broken below its rising trendline, confirming a softer bias. Last week it found temporary support at the 50-day moving average near 0.7080; a decisive break below this zone would open another leg lower. Fibonacci retracements place the 38.2% and 50% levels at 0.7075 and 0.7035, with the 61.8% extension at 0.6995. Larger support is seen at 0.6940 and the 250-day average near 0.6910. Resistance is located at 0.7170 and 0.7220, followed by 0.7277 and the 0.74 area.

Forecast range: 
Resistance: 0.7170 – 0.7220 – 0.7277 – 0.7400  
Support: 0.7080 – 0.7035 – 0.6995 – 0.6940 – 0.6910

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