AUD/USD continuing downward slide, 0.7800 in view

• Aussie down again as Dollar beats major contenders.
• Commodities still weak following recent market correction; risk assets being squeezed.
• RBA Governor Lowe to speak today at 09:00 GMT.

AUD/USD is trading near the previous session low of 0.7816 that was made late in the New York session.

The US Dollar was the big winner yesterday, sending AUD/USD lower throughout the day, despite a worse-than-expected Consumer Credit Change for the Americas. The Aussie is still feeling the squeeze from the recent selloff in risk assets, with commodities suffering losses as risk aversion in the face of a rising interest rate environment continues to keep a firm hold on markets.

The Aussie has closed lower against the USD seven of the last eight trading days, and today could shape up the same through Asia, depending on results of the National Australian Bank's Business Consumer Confidence survey, due at 00:30 GMT, as well as the speech from RBA Governor's Philip Lowe, beginning at 09:00. An overly dovish tone from the central banker could send the Aussie heading even further into bearish territory.

AUD/USD Technicals

The Aussie is trading very close to intraday support at 0.7810, with resistance near 0.7830, while the price is trading between the 34 EMA and 200-day SMA on Daily charts.

Today's pivot points:
R2: 0.7940
R1: 0.7880
PP: 0.7848
S1: 0.7789
S2: 0.7757