AUD/USD heavy on dollar demand and gold slide

Dollar momentum weighs also on commodity currencies, with the AUD/USD down to 0.9350 so far today and maintaining a heavy tone after Yellen’s testimony. The pair stands at a fresh 6-day low with greenback general demand, also heavy due gold continued slide as the metal breach $1300/oz first time since mid June.

According to Valeria Bednarik, FXStreet.com chief analyst: “the hourly chart shows price below a bearish 20 SMA and indicators heading lower in negative territory, while in the 4 hours chart technical readings are also biased lower: renewed selling pressure below current levels may see the pair extending the slide towards 0.9330 strong static support level.” Mentioned 0.9330 region has contained the downside since June 6th, and a break below it exposes the 0.9250/60 price zone according to her view.