Weak commodities weighing on AUD sentiment as terms of trade deteriorate.
Pair has opened up further downside potential, now en-route to 0.73 levels, after absorption of bids through 0.7350, with both, broad-based USD strength and a collapse in Gold creating the perfect bearish storm. There is little in the way of decent support until 0.7185.
Pair is currently trading at 0.7344 levels after made intraday low around 0.7326 levels.
Looking ahead in the week, market will eye on AUD monetary policy meeting minutes as well as CPI data for the further directions.
Initial support and resistance levels are seen around 0.7300 and 0.7465 levels respectively.
