AUD/USD falls to test key near-term levels as dollar gains further traction on the day

Dollar extends gains in European morning trade

AUD/USD H1 06-04

The dollar is trading to fresh highs against most major currencies currently, paring back losses sustained yesterday to start the week.

AUD/USD has pretty much erased the gains yesterday in a fall to 0.7612 as it tests the confluence of the key hourly moving averages @ 0.7614-15 currently.

Break below that and sellers will seize near-term control, putting pressure on the 0.7600 handle with eyes looking at the recent neckline from the head-and-shoulders pattern. That region is seen around 0.7532-64 so that will be a key test for buyers.

Elsewhere, USD/JPY has also moved up to a session high of 110.50 – nearing its 100-hour moving average @ 110.55 – while cable is posting fresh lows of 1.3822 and testing its own 100-hour moving average @ 1.3829 at the moment.

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