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31 Mar 2015
AUD/USD off fresh 8-day lows near 0.7630
FXStreet (Mumbai) - AUD/USD recovered slightly in the European morning, although remained close to fresh eight day lows reached in Asian trading as falling commodity prices keeps the Aussie undermined.
AUD/USD rises from 0.7619
Currently, the AUD/USD trades lower by -0.29% at 0.7632, retreating from more than a week lows at 0.7619 levels. AUD/USD keeps losses after plummeting crude, iron –ore and gold prices weigh on the resource-linked Aussie. Oil prices are down nearly 1.5%, iron ore prices, Australia’s top export, fell another 3% (Dalian) on glut concerns and weak demand and gold prices also weakened 0.30% this morning.
Moreover, better than expected US macro data released yesterday keeps the US underpinned, dragging the pair lower, with the DXY higher to the tune of 0.33% and stands at session highs at 98.63.
Meanwhile, the debate surrounding the RBA to go for further rate cut in its upcoming meeting continues to weigh on the Aussie. On the US macro front, dollar bulls will look for inspiration from this week's fruitful batch of data, including consumer confidence and the Chicago PMI among others.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7664 (Today’s High) levels, above which gains could be extended to 0.7700 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7588 (March 17 Low) levels.
AUD/USD rises from 0.7619
Currently, the AUD/USD trades lower by -0.29% at 0.7632, retreating from more than a week lows at 0.7619 levels. AUD/USD keeps losses after plummeting crude, iron –ore and gold prices weigh on the resource-linked Aussie. Oil prices are down nearly 1.5%, iron ore prices, Australia’s top export, fell another 3% (Dalian) on glut concerns and weak demand and gold prices also weakened 0.30% this morning.
Moreover, better than expected US macro data released yesterday keeps the US underpinned, dragging the pair lower, with the DXY higher to the tune of 0.33% and stands at session highs at 98.63.
Meanwhile, the debate surrounding the RBA to go for further rate cut in its upcoming meeting continues to weigh on the Aussie. On the US macro front, dollar bulls will look for inspiration from this week's fruitful batch of data, including consumer confidence and the Chicago PMI among others.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7664 (Today’s High) levels, above which gains could be extended to 0.7700 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7588 (March 17 Low) levels.