AUD/USD surrenders gains despite uptick in copper and gold

Moderate gains in Copper prices and the overnight recovery in gold failed to keep the AUD on the front foot in Asia.

The AUD / USD pair rose to a high of 0.7273 for a brief moment before falling to 0.7250 levels.

Comex Copper strengthened 0.30% in Asia. Meanwhile, gold prices breached 5-DMA hurdle to trade 0.20% higher on the day around $1135/Oz levels.

It is worth noting that the pair has not tested 5-DMA for four straight sessions, which suggests the bearish momentum is quite strong. The trading activity is likely to remain subdued in the run up to Christmas.

AUD/USD Technical Levels

The spot was last seen trading around 0.7258. On the higher side, a break above 0.7284 (5-DMA) would open doors to a possible cut above 0.7311 (Nov 21 low) and a rally to 0.74 (zero figure). On the other hand, a breakdown of support at 0.7230 (previous day’s low) would expose 0.72 (zero figure). A violation there could yield 0.7145 (May 24 low).