AUD/USD opened the week on a bearish note and holds losses as the Aussie remains pressured on weak Chinese data and falling copper and precious metal prices.
Down from 0.7778 levels
Currently, the AUD/USD trades lower by -0.41% at 0.7767 levels, slightly recovering from previously recorded day’s low at 0.7748 levels. The Aussie extended losses as weaker than expected Chinese imports data on the weekend raised concerns over Chinese external demand. Australia is highly dependent on China for its export. Moreover, stronger greenback after strong US jobs data increased bets of a sooner than expected US Fed rate-hike also weighed on the pair.
Furthermore, better than forecasts Aus job ads numbers also failed to cushion the downside in the Aussie. Meanwhile traders now turn their focus on series of macro releases in the week ahead for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7793 levels, above which gains could be extended to 0.7828 levels. On the flip side, support is seen at 0.7732 from here it to 0.7700 levels.
Down from 0.7778 levels
Currently, the AUD/USD trades lower by -0.41% at 0.7767 levels, slightly recovering from previously recorded day’s low at 0.7748 levels. The Aussie extended losses as weaker than expected Chinese imports data on the weekend raised concerns over Chinese external demand. Australia is highly dependent on China for its export. Moreover, stronger greenback after strong US jobs data increased bets of a sooner than expected US Fed rate-hike also weighed on the pair.
Furthermore, better than forecasts Aus job ads numbers also failed to cushion the downside in the Aussie. Meanwhile traders now turn their focus on series of macro releases in the week ahead for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7793 levels, above which gains could be extended to 0.7828 levels. On the flip side, support is seen at 0.7732 from here it to 0.7700 levels.
