“¢ Weaker commodity prices prompt some fresh selling on Monday. “¢ A subdued USD price action helps limit deeper losses, for now. The AUD/USD pair struggled to build on Friday’s goodish rebound and traded with a mild negative bias at the start of a new week. The pair met with some fresh supply on Monday and was being weighed down by weaker commodity prices, especially copper, which tends to undermine demand for commodity-linked currencies – like the Aussie. However, a subdued US Dollar price action, as investors digest Friday’s stronger, but not very impressive, US Q2 GDP growth figures, helped limit further downside, at least for the time being. The pair now seemed struggling to make it through back above the 0.7400 handle, with the continuous US-China trade tensions further collaborating towards keeping a lid on any meaningful up-move for the major. Technical Analysis Looking at the technical picture, the pair has been drifting lower alongside a descending trend-channel formation on the shorter timeframe. This coupled with the fact that it remains below important moving averages on the hourly chart (50, 100 & 200-period SMAs) further reinforce the bearish bias. Hence, any attempted up-move might now be seen as an opportunity to initiate intraday bearish positions amid absent fundamental drivers, in terms of any major market moving economic releases from the US. However, a sustained move beyond the 0.7400 handle, also coinciding with the trend-channel resistance, might negate the bearish bias and trigger a near-term short-covering bounce back towards 0.7455-65 heavy supply zone. Alternatively, a convincing break below the trend-channel support, currently near the 0.7380 area, is likely to accelerate the fall towards mid-0.7300s before the pair eventually drops to retest YTD lows, around the 0.7310 region. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoE to hike Bank Rate from 0.50% to 0.75% – Danske Bank FX Street 5 years "¢ Weaker commodity prices prompt some fresh selling on Monday. "¢ A subdued USD price action helps limit deeper losses, for now. The AUD/USD pair struggled to build on Friday's goodish rebound and traded with a mild negative bias at the start of a new week. The pair met with some fresh supply on Monday and was being weighed down by weaker commodity prices, especially copper, which tends to undermine demand for commodity-linked currencies - like the Aussie. However, a subdued US Dollar price action, as investors digest Friday's stronger, but not very impressive, US… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.