AUD/USD is making a bullish case for itself on the wider picture, but has suffered a strong bout of supply on the bearish opening gap for this Asian start to the full business week. Oil collapses after no Doha deal AUD/USD went from last week's close of 0.7719 to make a low of 0.7640 on the 1hr sticks and then 0.7630 for the low so far for today. The bearish gap came as the news of further meetings of the world oil ministers who are failing to find a concord between themselves. Instead, the Saudis are leaving the taps on in the absence of Iran being a part of the consortium in agreement. That immediately lead to risk-off conditions and put pressure on the commodity sector's related currencies, such as the Aussie. We are, however, seeing some stability as we progress in to Chinese markets. PBOC sets USD/CNY at 6.4787 vs 6.4908 PBoC injects CNY 30 bln via 7-day reverse repos AUD/USD levels AUD/USD has been oscillating below the 100 sma on the 1hr chart at 0.7672 since the bearish opening gap today, stablising at the vicinity of 0.7630/40 and a little higher than the 200 sma on the same time frame at 0.7616. A break of 0.7600 and the 11th April low of 0.7580 opens the start of April recovery lows at 0.7509. 0.7416 is the 16th March low and the October and November highs lie at 0.7384/81. Should the price continue to stabilise throughout European markets above 0.7500, the immediate recovery target would be to close the gap and get back to last week closing prices on the 0.77 handle with the pivot located at 0.7713. R1 is located at 0.7746 and R2 at 0.7768. For more information, read our latest forex news.