After tumbling late last week, the Australian dollar appears to have found its footing

Quinn Rooney/Getty Images

The Australian dollar continued to slide on Friday, a move that was largely driven by continued US dollar strength rather than any domestic influences.

The AUD/USD eventually closed the session at .7602, having been as low as .7584 earlier in the day.

It currently buys .7600.

In unison with the sharp drop recorded on Thursday — partially in response to a pretty awful Australian jobs report for September — the Aussie has now lost around 1.7% from the highs seen shortly before the jobs report was released.

As the daily chart reveals below, overcoming selling resistance above the 77 cent level is something that the Aussie has struggled with in recent months.

AUD/USD Daily Chart

Looking ahead to Monday’s trading session in Asia, there’s few, if any, major events that appear likely to move the Aussie.

The economic events calendar is bare domestically while regionally we’ll receive Japanese trade and flash manufacturing PMI figures later in the session — neither is likely to trouble the scorers.

Later in the session, flash manufacturing PMI figures from the eurozone and US will also be released while Bullard and Evans of the US Fed are also scheduled to speak.

Given a lack of clear market drivers, the Aussie is likely to be influenced by movements in crude oil futures, USD/JPY and USD/CNY over the course of Asian trade.

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