30 Mar 2015
AUD/USD testing lows ahead of 0.7700
FXStreet (Mumbai) - AUD/USD remained deep in losses and was set to test 0.77 handle in the European morning, as commodity prices continue to slide amid persistent US dollar strength versus its major competitors.
AUD/USD drops from 0.7740
Currently, the AUD/USD trades lower by -0.64% at fresh weekly lows at 0.7706 just shy of 0.77 barrier. AUD/USD extended its downslide largely on the back of commodities rout and also as markets speculate higher chances of further rate cut by RBA in its May meeting.
Moreover, heavily bid US dollar across the board also drags AUD/USD lower, with the DXY rising to the tune of 0.26% and stands at session highs at 97.90.
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 0.7740 (Today’s High) levels, above which gains could be extended to 0.7780 levels. On the flip side, support is seen at 0.7700 levels from here it to 0.7681 levels.
AUD/USD drops from 0.7740
Currently, the AUD/USD trades lower by -0.64% at fresh weekly lows at 0.7706 just shy of 0.77 barrier. AUD/USD extended its downslide largely on the back of commodities rout and also as markets speculate higher chances of further rate cut by RBA in its May meeting.
Moreover, heavily bid US dollar across the board also drags AUD/USD lower, with the DXY rising to the tune of 0.26% and stands at session highs at 97.90.
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 0.7740 (Today’s High) levels, above which gains could be extended to 0.7780 levels. On the flip side, support is seen at 0.7700 levels from here it to 0.7681 levels.