AUDUSD weak ahead of annual budget release

OANDA:AUDUSD   Australian Dollar / U.S. Dollar
The Australian Dollar has been giving back strength since mid March'17 as commodity prices have disappointed and major business partners like China have shown a lesser appetite for Australian products and resources.

In the longer term momentum looks weak with the possibility of price now it looks to have broken some key Fibonacci / resistance levels possibly targeting another important Fibonacci target at 0.721? Price since Mar 2016 has been playing in a volatile range between 0.77 and 0.72, so a test at those lows may prove significant. If price does find support at those lows then the chances are price will head once more back into this range.

In the shorter term ahead of todays budget, AUD looks to be holding between the S2 and S3 pivots around the 0.73's (also just above a longer term Fibonacci support line), waiting on its outcome before deciding to take another move.