AUD/USD: 0.7515 a minor upside barrier, 0.7442 downside key support

Currently, AUD/USD is trading at 0.7455, up 0.01% on the day, having posted a daily high at 0.7460 and low at 0.7452.

AUD/USD has the same kind of fate as its antipodean counterpart. The day was not kind to the commodity bloc in general, taking the fall in what was a whitewash in oil prices, WTI dropped almost $4 on the OPEC announcements in a long squeeze catching market off guard. This took the Aussie lower to where it is now steady awaiting further catalysts trading with a bearish bias. The 0.7515 area is a minor barrier to further upside for now, as noted by analysts at Westpac. 

Forex today: OPEC was the focus sending WTI off a cliff by circa $4.00

AUD/USD 1-3 month:

analysts at Westpac explained that the modestly weaker than expected Australian CPI outcome has added yet another factor capping the A$: softer commodity prices; a more protectionist stance from US President Trump, and higher US yields if the Fed raises rates in June as we expect. These leave the A$ with strong resistance at 0.76. We expect to see it heading towards 0.74 by year end. 

AUD/NZD: retains negative momentum - Westpac

AUD/USD levels

AUDUSD: A neutral stance is required

Valeria Bednarik, chief analyst at FXStreet explained that despite the dollar's weakness, the risk has turned to the downside, as in the 4 hours chart, the price has broken and accelerated below its 20 SMA and the 200 EMA, while technical indicators maintain their sharp bearish slopes within negative territory. "The pair is forming a short-term double top formation, with the neckline at Wednesday's low of 0.7442, now the immediate support and the level to break to confirm further slides for the last day of the week."