AUD/USD turns away from major trendline, sinks as the USD gains favor
- Aussie tumbles as traders pick the Dollar back up.
- Markets look to end the week on a risk-off note.
The AUD/USD is trading near the bottom in the overnight session at 0.7725.
Broad markets turned tail and began scooping up the Greenback in Thursday's trading as risk appetite shriveled once more on global trading tensions. Despite broad hopes that the US-China showdown on trade tariffs will reach a successful, profitable conclusion, neither country has shown much interest in reaching across the aisle, and market hopes of positive negotiations continue to run up against the fact that negotiations have yet to be scheduled or even agreed to.
The Aussie almost appeared to shake off the disappointing jobs data in the previous session, reaching a high of 0.7812 before tumbling in lock-step with the rest of the risk assets. Friday is a quiet showing for the Aussie, and souring market sentiment is once again in the driver's seat across the board.
AUD/USD Levels to watch
The AUD has turned bearish across most technical levels, and as FXStreet's Valeria Bednarik noted, "the fact that it broke below 0.7740, has put at risk the bullish trend from earlier this month, and unless the pair quickly recovers the level, further slides are to be expected. Technical readings in the 4 hours chart support a bearish extension, as in the 4 hours chart, the pair has also broken below all of its moving averages, while technical indicators accelerate south within negative territory, leaning the scale to the downside."
Support levels: 0.7700 0.7765 0.7720
Resistance levels:0.7740 0.7785 0.7820
