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Australian dollar showing weakness at key resistance

AUDUSD Tech analysis by Simon Kazinsky on 10:43 April 18, 2019 EST

The Australian dollar has been appreciating since the beginning of the year but this may be coming to an end.

The Aussie has been unable to confidently climbe above the major moving average that has been rejecting advances against the US dollar since early 2018. The average now at 0.7186 has been unsuccessfully tested and so the likelihood now is that the pair will carry on its longer term course.

About 70% of retail traders are long the pair which gives further confidence to the technical analysis.

If AUDUSD breaks below 0.708 then the short term support in the form of an ascending trendline will have given way and the path south will be clearer.