19 Jan 2015
AUD/USD drops on China woes
FXStreet (Mumbai) - The Aussie shaved off previous gains versus the US counterpart, and edged lower after crashing Chinese stocks and cooling property markets reinforced slowdown concerns in the world’s second largest economy.
Currently, the AUD/USD traded lower by -0.22% at 0.8210 levels, having clocked day’s high at 0.8244 levels and day’s low at 0.8196 levels earlier in the session. The continuing slump in the Chinese property markets and falling equities reignited concerns over slower growth in China, clouding outlook over country’s external demand which weighed on the Aussie. China is Australia’s largest trading partner.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8255 (Jan 12 High) levels, above which gains could be extended to 0.8275 (Dec 16 High) levels. On the flip side, support is seen at 0.8166 (Jan 16 Low), from here it to 0.8130 levels.
Currently, the AUD/USD traded lower by -0.22% at 0.8210 levels, having clocked day’s high at 0.8244 levels and day’s low at 0.8196 levels earlier in the session. The continuing slump in the Chinese property markets and falling equities reignited concerns over slower growth in China, clouding outlook over country’s external demand which weighed on the Aussie. China is Australia’s largest trading partner.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8255 (Jan 12 High) levels, above which gains could be extended to 0.8275 (Dec 16 High) levels. On the flip side, support is seen at 0.8166 (Jan 16 Low), from here it to 0.8130 levels.