AUD-USD: Weakening Toward 0.9536

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( -- The Australian dollar-dollar currency pair (AUD-USD) last week moved lower and is continuing in that direction in current trading.

Further downside risk has turned to AUD-USD's key support located at 0.9536, its November low.

The Australian dollar-dollar has been under bear pressure since it capped its long-term uptrend at the 1.1078 level in July.

A decisive break of 0.9536 will leave the pair to target 0.9360, its Sept. 20 low, and then 0.9127, its weekly 200-day exponential moving average.

Both the daily and weekly relative strength indices, or RSIs, are bearish and pointing lower, suggesting further weakness.

On the upside, AUD-USD will have to break and close at more than 0.9926, its Aug. 9 low, to puts its present weakness on hold and bring gains toward 1.0110, its Aug. 11 low, and then 1.0339, its Sept. 16 high.

All in all, the pair remains biased to the downside in the short term.

Mohammed Isah is a technical strategist and head of research at, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and At, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.