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10 Feb 2015
AUD/USD back below 0.7800, China data weighs
FXStreet (Mumbai) - AUD/USD reversed its uptrend from the Asian session and fell back in red breaking below the crucial 0.78 barrier during the European session.
Falls to fresh session lows
Currently, the AUD/USD trades higher by -0.38% at 0.7772 levels, retracing from fresh session lows posted at 0.7762 some time ago. The Aussie shaved-off previous gains and edged lower on increased speculations that bearish Chinese economic data may dent country’s external demand. This may have hit the Aussie as China is Australia’s leading export destination.
Moreover, sliding oil and copper prices have also added to losses in the resource-linked Aussie. Meanwhile, traders await US jobs data later in the day for further moves in the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7850 levels, above which gains could be extended to 0.7880 levels. On the flip side, support is seen at 0.7750 from here it to 0.7723 levels.
Falls to fresh session lows
Currently, the AUD/USD trades higher by -0.38% at 0.7772 levels, retracing from fresh session lows posted at 0.7762 some time ago. The Aussie shaved-off previous gains and edged lower on increased speculations that bearish Chinese economic data may dent country’s external demand. This may have hit the Aussie as China is Australia’s leading export destination.
Moreover, sliding oil and copper prices have also added to losses in the resource-linked Aussie. Meanwhile, traders await US jobs data later in the day for further moves in the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7850 levels, above which gains could be extended to 0.7880 levels. On the flip side, support is seen at 0.7750 from here it to 0.7723 levels.