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31 Mar 2015
AUD/USD hits fresh 8-day lows near 0.7630
FXStreet (Mumbai) - AUD/USD continues its downward trajectory in Asia, reaching fresh eight day lows ahead of 0.76 barrier as falling crude and iron prices remain a drag on the Aussie while markets continue pricing-in further rate cut bias in April from the Reserve Bank of Australia (RBA).
AUD/USD drops from 0.7664
Currently, the AUD/USD trades lower by -0.35% at fresh eight day lows of 0.7627, retreating from session highs at 0.7664 levels reached earlier. AUD/USD extended its losing streak and remains under pressure after iron ore prices, Australia’s top export, fell another 3% (Dalian) on glut concerns and weak demand.
Moreover, better than expected US macro data released yesterday keeps the US underpinned, dragging the pair lower, with the DXY modestly higher to the tune of 0.08% and stands at session highs at 98.40.
Also, the scope for the RBA to cut rates further 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 payrolls and the ISM 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 drops from 0.7664
Currently, the AUD/USD trades lower by -0.35% at fresh eight day lows of 0.7627, retreating from session highs at 0.7664 levels reached earlier. AUD/USD extended its losing streak and remains under pressure after iron ore prices, Australia’s top export, fell another 3% (Dalian) on glut concerns and weak demand.
Moreover, better than expected US macro data released yesterday keeps the US underpinned, dragging the pair lower, with the DXY modestly higher to the tune of 0.08% and stands at session highs at 98.40.
Also, the scope for the RBA to cut rates further 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 payrolls and the ISM 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.