Aussie is the worst performer on the major bloc today as it is sold against the dollar and the kiwi

It's not been a good day for the aussie, and things may become worse by the end of the trading day. Technical levels suggest that buyers may just run out of steam as we start the week. Let's look at AUD/USD first.

The pair has been on a strong run - but mostly rode on the back of dollar weakness - since late December, but buyers look like they're starting to get out. On the hourly chart, the pair has broken below the 100-hour MA and also the late December to January upward trendline.

If you look at the bigger picture, there's some strong resistance levels sitting between 0.7875 and 0.7900 - and this is where the pair may struggle to find further upside. It reached a high of exactly 0.7875 last Friday, and has fallen down since.

And the aussie is also being sold against the kiwi today, as AUD/NZD continues to fall further. In the last week of December the pair has been stubborn and failed to break above the 100-day MA, but when it finally did buyers just did not have enough conviction to follow through a move to get above the 50.0 retracement level. Once it fell back below the 100-day MA again, sellers are back in control and the pair is continuing to head lower today.

If you look at the latest CFTC report as well, leveraged funds turned bearish on the AUD for the first time since June 2017 - as net contracts turned short at 6,432 compared with the net long contracts at week ending 26 December of 2,579.

That adds to the reason for AUD selling as we start the week so far. And the fall in this morning's data (AIG construction index) certainly doesn't help - even if it's a small data point.

Coming up this week there's key Australian data on Thursday - where we have November retail sales data as released by the ABS.