AUDUSD was the top loser of Asian / early European trading on Friday

AUDUSD was sharply down during Asian / early European sessions on Friday, falling over 2%  so far and being the top loser of the day.

The Ausie dollar remains under strong pressure from risk aversion that continue to weaken stocks and commodities, with stronger dollar on Friday morning, adding to negative near term outlook.

Today’s bearish acceleration has so far retraced over 61.8% of 0.6087/0.6408 and pressuring pivotal support at 0.6187 (Mar 4 low) with firm break here to generate fresh bearish signal.

Daily studies turned to full bearish configuration and contribute to growing risk of further losses (Australian dollar is on track for the biggest daily drop since 10 Apr 2024).

Broken daily cloud base at 0.6248 (also broken 50% retracement of 0.6087/0.6408) reverted to solid resistance which should cap upticks and keep bears in play.

We look for fresh signals from the US labor data (due later today).

Res: 0.6210; 0.6248; 0.6284; 0.6300
Sup: 0.6187; 0.6163; 0.6131; 0.6100