10 Mar 2015
AUD/USD slides with commodities, testing lows ahead of 0.76
FXStreet (Mumbai) - The losses in the Aussie accelerated during the European session, knocking off AUD/USD to fresh cycle lows ahead of 0.76 barrier, following a massive sell-off across the commodities amid a strengthening US dollar.
AUD/USD falls to fresh multi-year lows
Currently, the AUD/USD plunged nearly 1% and trades at 0.7626 levels, having posted fresh multi-year lows at 0.7604 levels. The Aussie continued its downtrend from the previous session and got further hammered amid a decline in commodities and the US dollar dominance on currency markets.WTI oil was around 0.7% lower at $49.65 and copper dived as well, trading with a 2% loss at $2.62. While gold plummeted 0.8% at $1157.
AUD/USD fell to its lowest in six years; as the US dollar was heavily bid across the board as market now anxiously await the upcoming Federal Reserve (Fed) meeting later in March for a hint at a June rate hike.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7685 levels, above which gains could be extended to 0.7708 levels. On the flip side, support is seen at 0.7600 from here it to 0.7580 levels.
AUD/USD falls to fresh multi-year lows
Currently, the AUD/USD plunged nearly 1% and trades at 0.7626 levels, having posted fresh multi-year lows at 0.7604 levels. The Aussie continued its downtrend from the previous session and got further hammered amid a decline in commodities and the US dollar dominance on currency markets.WTI oil was around 0.7% lower at $49.65 and copper dived as well, trading with a 2% loss at $2.62. While gold plummeted 0.8% at $1157.
AUD/USD fell to its lowest in six years; as the US dollar was heavily bid across the board as market now anxiously await the upcoming Federal Reserve (Fed) meeting later in March for a hint at a June rate hike.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7685 levels, above which gains could be extended to 0.7708 levels. On the flip side, support is seen at 0.7600 from here it to 0.7580 levels.