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AUD/USD: sideways after supply on commodities sell-off

FXStreet (Guatemala) - AUD/USD finished up the US day in the red and sinking over half a cent in the wake of lower oil prices, much lower, and copper falling to a low of 2.0420 vs 2.0950 the high.

As noted earlier, gas prices are too very low and LNG prices could be problematic to an already struggling business sector in the Australian economy and further adjustment in the price of the Aussie could be consequential. For today's events in Asia, markets will be tuned into China's trade, then China's CPI's tomorrow and finally Australia's jobs data the following session.

AUD/USD price action and levels

Technically, AUD/USD has been sideways since dropping the 0.73 handle and marking lows of 0.7266. The price has been in a very tight range and the 200 SMA on the hourly time frame still stands as a level of support where price is oscillating just below at time of writing. Next targets are S1 at 0.7255 and S3 at 0.7219 as key levels.

Classic S3 stands at 0.7176 where the 4hr 200 SMA gathers at 0.7180 having crossed below the 4hr 100 SMA at 0.7221. 0.7180 is the point at which the price rallied in late November trade to recent highs and should be a strong level of support.

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