AUD/USD hovers near 2-month lows

The Australian dollar has been under heavy pressure on Monday, along with other commodity currencies which continue to underperform against the greenback.

AUD/USD broke below the 100-day SMA, around 0.7334 today, and slid to a fresh 2-month low at the beginning of the New York session. The pair seems to have found support at the 0.7310 zone but continues to trade nearby, recording a 0.62% loss on Monday.

AUD/USD levels to watch

As for technical levels, next supports are seen at 0.7310 (May 9 low), 0.7280 (Mar 3 low) and 0.7259 (200-day SMA). On the other hand, resistances could be found at 0.7477 (May 6 high), 0.7517 (May 4 high) and 0.7562 (50-day SMA).