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Could Aussie fell further following commodities decline?

Friday, Dec 18 2015
There were no major data releases from Australia this morning with Aussie rebounding after yesterday's decline. OANDA Australia and Asia Pacific senior trader Stephen Innes said market sentiment turned sour overnight with the Australian dollar was badly hit. “If we compound the ongoing slide in commodities, we could see a further drop on the Aussie heading into the week’s end,” he said.
 “It certainly appears the Aussie bears are ready to pounce once again as traders grapple with recent global developments while coming to grips with the market drift following the US Fed rate hike this week.” Commodity currencies were hardest hit as the firmer greenback took a toll on a range of commodities from oil to base metals and gold.
 
The dollar gauge Thursday reached the highest in data going back more than 10 years after the Fed unanimously voted to raise its benchmark for the first time since 2006. Policy makers maintained projections, known as dots, for four rate increases next year, while emphasizing the gradual pace.
 
Aussie is currently being traded around 0.7140 area. Pair is likely to find support around 0.71 handle and resistance above 0.7180 level. There will be no major data releases in the rest of the session.
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