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AUD/USD trims gains, hovers around 0.7110

FXStreet (Mumbai) - Offered at 0.7134 in Asia today, the AUD/USD pair has steadily trimmed gains to trade around 0.7110 levels.

Commodities turn lower and cap gains in the AUD

The risk-on rally in the equities and commodities witnessed on Monday faded somewhat in the European session today. Though stocks turned positive, the commodity prices are once again trading in the red. Copper on the Comex now trades 0.34% lower. Aussie trimmed gains tracking the decline in the commodities.

Earlier today, the Aussie spiked , extending the rally for the fifth straight session after the Reserve Bank of Australia left key rates unchanged.

AUD/USD Technical Levels

At 0.71110, a major resistance is seen at 0.7169 (50-DMA). The 50-DMA has acted as a strong resistance on three occasions since early March this year. A break above the same could expose 0.7280 (Sep 18 high). On the downside, a break below 0.7031 (Aug 24 low) could open doors for a re-test of 0.6937 (Sep 29 low) and 0.6907 (Sep 4 low).

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