The AUD is one of the weakets of the major currencies (along with the NZD).
Commodities are sharply lower on the back of the higher dollar/higher rates/a more stubborn Fed.
Technically, the price has moved lower to test a cluster of support including the 38.2% retracement at 0.6579, a swing area between 0.6579 to 0.6585. The buyers are leaning against that level with close resistance at 0.6590. Get above that level and the 200 bar MA on the 4 hour chart would be eyed at 0.6610.
On the downside, a move below the 38.2% would have traders looking toward the 100 day MA at 0.6561 and below that the 50% and 200 day MA near 0.65376.
Those are the levels in play now for the pair.
For now, sellers more in control, but key support at the 38.2% is a level for both buyers and sellers to think about the next move in the pair.
This article was written by Greg Michalowski at www.forexlive.com. Source