The aussie looks to be on the ropes as commodity currencies react in unison to Trump's trade messages
Trump talking wood may be a US/Canadian issue, or in our terms a USDCAD issue but it doesn't take long for markets to start thinking about where else he might turn his gaze within the same theme.
AUDUSD is under pressure and sitting right on a fairly important support level.
AUDUSD H4 chart
the 0.7515/20 level is where we've seen buyers stepping in to protect the 0.75 big figure. It's acted as both support and resistance. A breach here has usually meant we get a test of 0.7500 and we've recently seen that there's not much in the way of support, leading to a test of an even stronger number at 0.7490.
That level has also seen a break but we failed to hold below there for any meaningful amount of time.
From here, if we see 0.7515/20 break, don't put too much hope on 0.7500 coming to the rescue, and if you do, then watch for 0.7940 under there.
