11 Feb 2015
AUD/USD capped by 10-DMA
FXStreet (Mumbai) - AUD/USD trimmed previous gains and traded modestly higher in the European session, as negative impacts from falling oil and copper prices weighs on the commodity currency.
AUD/USD testing lows
Currently, the AUD/USD trades almost unchanged at 0.7771 levels, retracing from fresh session highs posted at 0.7782 levels. The Aussie erased previous gains on rising speculations about the price of iron ore slipping below USD 60 per tonne, on the back of destocking activity in China in the lead up to Chinese New Year weighed on AUD/USD. Iron ore is one of Australia's biggest export commodities.
Moreover, the pair remains under pressure as traders now turn their attention towards Inflation expectations numbers due for release tomorrow which is expected to show easing price pressure in Oz economy.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7843 levels. On the flip side, support is seen at 0.7745 from here it to 0.7723 levels.
AUD/USD testing lows
Currently, the AUD/USD trades almost unchanged at 0.7771 levels, retracing from fresh session highs posted at 0.7782 levels. The Aussie erased previous gains on rising speculations about the price of iron ore slipping below USD 60 per tonne, on the back of destocking activity in China in the lead up to Chinese New Year weighed on AUD/USD. Iron ore is one of Australia's biggest export commodities.
Moreover, the pair remains under pressure as traders now turn their attention towards Inflation expectations numbers due for release tomorrow which is expected to show easing price pressure in Oz economy.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7843 levels. On the flip side, support is seen at 0.7745 from here it to 0.7723 levels.