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28 Aug 2015
AUD/USD extends the drop to 0.7140
FXStreet (Mumbai) - The Aussie met fresh offers near 0.7165 and accelerated losses pushing the commodity-linked currency pair closer towards 0.71 handle as lower oil prices along with falling European stocks triggered risk-aversion, with traders dumping EM currencies across the board.
AUD/USD looks to test 0.7100
Currently, the AUD/USD pair trades -0.33% lower at 0.7143, having posted session lows at 0.7137 some minutes ago. The offered tone around the AUD/USD pair grew bigger this session as risk-off trades resurfaced as oil prices halted its rally and fell in to the red zone along with the European indices as in line with estimates UK GDP print dampened investors sentiment.
Moreover, traders preferred to hold the US currency ahead of a batch of US economic data flow to be released later in the US session and hence ditched the Australian. Further, worse-than expected Chinese industrial profits data also continues to weigh on the Aussie.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7206 (Today’s High) levels, above which gains could be extended to 0.7253 (Aug 25 High). On the flip side, support is seen at 0.7096 (Aug 27 Low) levels from here it to 0.7051 (Aug 24 Low).
AUD/USD looks to test 0.7100
Currently, the AUD/USD pair trades -0.33% lower at 0.7143, having posted session lows at 0.7137 some minutes ago. The offered tone around the AUD/USD pair grew bigger this session as risk-off trades resurfaced as oil prices halted its rally and fell in to the red zone along with the European indices as in line with estimates UK GDP print dampened investors sentiment.
Moreover, traders preferred to hold the US currency ahead of a batch of US economic data flow to be released later in the US session and hence ditched the Australian. Further, worse-than expected Chinese industrial profits data also continues to weigh on the Aussie.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7206 (Today’s High) levels, above which gains could be extended to 0.7253 (Aug 25 High). On the flip side, support is seen at 0.7096 (Aug 27 Low) levels from here it to 0.7051 (Aug 24 Low).