AUD/USD erases gains, aussie down to session lows

Technical Analysis

Author: Justin Low | audusd

Correction time for the aussie?

AUD/USD D1 03-06
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The aussie hit a high of 0.6983 against the dollar earlier today and closed in on the 0.7000 handle, before being pegged back to around 0.6930-40 levels in early European trading.

One can allude to hints of profit-taking and amid the unrelenting move of nearly 8% since last month, perhaps there is room for some correction upon nearing key levels.

The aussie has now slipped to a session low of 0.6880 as we also see the dollar and yen recoup some losses across the board on the session. EUR/USD is still near 1.1200 but is off its high of 1.1228 earlier in the day with cable also falling back under 1.2600.

For AUD/USD, keeping below 0.6900 would be encouraging for sellers but they have much work to do to even try to wrestle back any near-term control with the 100-hour moving average still seen far away at 0.6745 currently.

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