AUD/USD extends decline amid Commodities sell-off

FXStreet (Orlando) - The Australian Dollar is falling against the US Dollar specially fueled by the sell-off in commodities. After declining almost 100 pips from 0.7760, the AUD/USD is now testing daily lows around 0.7665.

As previously reported, "Commodities are in sell-off mode, with spot gold down to $ 1,176 a troy ounce a fresh 1 month low, and WTI crude oil prices sinking towards $ 58.00 a barrel, as the dollar is back on demand."

Currently, AUD/USD is trading at 0.7674, down 1.42% on the day, having posted a daily high at 0.7789 and low at 0.7669. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.

AUD/USD Forecast and Levels

If the AUD/USD extends losses beyond 0.7665, it will find supports at 0.7650, 0.7600 and 0.7580. To the upside, resistances are at 0.7710, 0.7760 and 0.7785.

Non Farm Payrolls June

Pair is now focused on the Non Farm Payrolls June that will be published Friday. NFP Forecast is for 225k new jobs in June.

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