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AUD/USD drops below 100-day SMA

FXStreet (Córdoba) - The Australian dollar is underperforming Monday, along with other commodity currencies, in a relatively quiet start to the week as AUD/USD pulls back from a 5-week high scored Friday.

AUD/USD managed to climb to the 0.9400 area Friday following news the US added the fewest jobs in 8 months, but the Aussie failed to consolidate above the psychological level and it entered a corrective phase. AUD/USD has slipped below the 100-day SMA (0.9337) through the 0.9330 area, a former resistance turned into support, and hit a low of 0.9323 so far. At time of writing, the pair is trading at 0.9327, down 0.53% on the day.

AUD/USD levels to watch

As for technical levels, if AUD/USD breaks decisively below the 0.9330/25 area, next supports could be found at 0.9300 (psychological level) and 0.9263 (Sept 3 low). On the flip side, immediate resistances are seen at 0.9401 (Sept 5 high), 0.9415 (Jul 29 high) and 0.9423 (Jul 25 high).

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