Aussie fails to join in on the fun against the dollar

Technical Analysis

Author: Justin Low | audusd

The Australian dollar is the weakest performing major currency on the day


The jobs report released earlier was actually decent, but yet the aussie remains on the backfoot in trading today. AUD/USD is trading near the lows for the day, as the rejection at the 100-day MA (red line) proves to be the technical indicator that the pair is still struggling for upside momentum.

In the bigger picture, the pair is continuing to trend lower with a succession of lower highs and lower lows since February. That is not a good sign, and an early rejection here at the 100-day MA doesn't provide much optimism for the aussie considering other major currencies are trading higher against the dollar today.

Iron ore prices have somewhat stabilised, but that hasn't been providing much comfort for the aussie today.

Well, if something can't rally on good news (or bad news from others), then the signs aren't good.