The Australian dollar lost momentum and retreated from a 5-week high on Monday as market optimism eased. After finding resistance at the 1.0370 area, AUD/USD dropped more than 100 pips, sliding to daily lows at the 1.0255/60 price region, where the pair is currently trading, 0.62% below its opening price.
The Kshitij Consultancy Services Team, notes that the Aussie has important resistances ahead which could restrict further upmove this week. “Significant Resistance is seen in 1.0380-0415 region, 1.0435-50 region and then at 1.0500. Note that 1.0377 is the 200-DMA Resistance which is an important level to be watched”, said the analyst team. “We expect the pair to see a pull back towards 1.0200-0100 from the 1.0380-0400 Resistance region”.