AUD/USD slips back to test key near-term levels after early advance falters

AUD/USD trades down by 0.5% to 0.7620 levels currently

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Commodity currencies are among the laggards today and the aussie’s decline on the session puts it at the bottom of the pile in the major currencies space.

There isn’t much of a clear catalyst with Treasury yields keeping lower and US futures also not doing much on the day. S&P 500 futures are up just 0.1%.

That said, AUD/USD is keeping lower and is seen slipping from 0.7650 to a low of 0.7621 in European morning trade – testing its key hourly moving averages @ 0.7622-26.

That alongside the week’s lows closer to 0.7600 will be key near-term support levels to watch after the pair struggled to hold on to an upside push earlier in the day above near-term support around 0.7656-64 – which limited gains yesterday as well.

A break below 0.7600 will put some focus back on the head-and-shoulders neckline around 0.7532-64 so keep an eye on that in case, despite softer Treasury yields likely to provide some discomfort for the greenback for the time being.