AUD/USD falls to session lows as dollar extends advance

Technical Analysis

Author: Justin Low | audusd

AUD/USD eases lower to 0.7717, down 0.6% on the day

AUD/USD D1 04-05
The recent upside momentum in the pair in April trading failed to firmly breach 0.7800, as evident on the daily chart, and that is seeing sellers wrestle back for control again to kick start May trading.

The dollar is holding firmer across the board and that is putting a drag on the pair, as it falls to a session low of 0.7717 currently. Key support now is seen closer to the 100-day moving average (red line) @ 0.7702 and the 0.7700 level.

The 22-23 April lows @ 0.7690-95 provides some minor support but beyond that we could see a push back towards 0.7600 on a break of the 100-day moving average.

The confluence of the key hourly moving averages is seen @ 0.7757-60 so sellers are very much in near-term control unless price climbs back above that.

Risk sentiment is keeping more tepid in general but for now, it is all about the dollar.
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