AUD/USD met some resistance

Australian dollar started the week with decline and is now testing levels below the 55-day MA. Aussie weakened data this week that may show that Australian unemployment rose and as Toyota Motor Corp. said it will stop making cars in the South Pacific nation.

Commerzbank still sees scope for the pair to test January high at $0.9079/86. However, there’s a bearish daily Ichimoku Cloud which acts as resistance. Support lies at $0.8900, $.8870 and $0.8825 ahead of $0.8689/0.8660 (2011-2014 channel base, 38.2% Fibo of the move from 2001 to 2011 and the recent low).

Chart. Daily AUD/USD

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