The Australian dollar is one of the weak points among the major currencies (along with the New Zealand dollar).
Commodities fell sharply on the back of a stronger dollar/higher interest rates/more stubborn Fed.
Technically, the price moved lower to test a range of supports including the 38.2% retracement level at 0.6579, a swing zone between 0.6579 to 0.6585. Buyers are leaning against this level with nearby resistance at 0.6590. If it crosses this level the 200 bar moving average on the 4 hours chart will be at 0.6610.
On the downside, a move below the 38.2% level would have traders looking towards the 100-day MA at 0.6561 and below that the 50% and 200-day MA near 0.65376.
These are the influential levels now for the pair.
At the moment, sellers are more in control, but the key support at 38.2% is a level for both buyers and sellers to think about the next move in the pair.
