9 Jun 2015
AUD/USD accelerates losses below 0.7700
FXStreet (Mumbai) - The Australian dollar extends declines versus the US dollar in the late-Asian session, knocking-off AUD/USD back on the 0.76 handle. The Aussie came under renewed pressure as markets digest easing price pressures in China, while a retreat in the US dollar from its lowest against its major peers also dragged the pair lower.
AUD/USD drops from 0.7705
Currently, the AUD/USD pair trades -0.25% lower at 0.7685, hovering close to session lows reached at 0.7677 last hours. The Aussie snapped previous gain and fell back in red after consumer and producers prices in China eased in May, adding to a growing number of signs that external demand in the world's second-biggest economy may be slowing. Australia is highly dependent on China for its exports.
Moreover, the Aussie shrugged off upbeat business confidence data from Australia which revealed that the NAB Business Confidence Index jolted up to 7 in May from 3 in April, while the NAB Business Conditions Index rose to 7 from 4.
In the day, the AUD/USD pair will be influenced by US dollar moves in absence of any significant major data to be released today. While US JOLTS job opening may provide some fresh insights.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7717 (Today’s High) levels, above which gains could be extended to 0.766 (May 28 High) levels. On the flip side, support is seen at 0.7678 (Today’s Low) levels from here it to 0.7615 (May 28 Low) levels.
AUD/USD drops from 0.7705
Currently, the AUD/USD pair trades -0.25% lower at 0.7685, hovering close to session lows reached at 0.7677 last hours. The Aussie snapped previous gain and fell back in red after consumer and producers prices in China eased in May, adding to a growing number of signs that external demand in the world's second-biggest economy may be slowing. Australia is highly dependent on China for its exports.
Moreover, the Aussie shrugged off upbeat business confidence data from Australia which revealed that the NAB Business Confidence Index jolted up to 7 in May from 3 in April, while the NAB Business Conditions Index rose to 7 from 4.
In the day, the AUD/USD pair will be influenced by US dollar moves in absence of any significant major data to be released today. While US JOLTS job opening may provide some fresh insights.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7717 (Today’s High) levels, above which gains could be extended to 0.766 (May 28 High) levels. On the flip side, support is seen at 0.7678 (Today’s Low) levels from here it to 0.7615 (May 28 Low) levels.