30 Mar 2015
AUD/USD off fresh 6-day lows below 0.77
FXStreet (Mumbai) - AUD/USD bounced-off fresh six-day lows below 0.77 handle in the European session and remained deep in red mainly driven by a slump in commodity prices and the possibility of a further rate cut in May from the Reserve Bank of Australia (RBA).
AUD/USD recovers from 0.7783
Currently, the AUD/USD trades lower by -0.0.79% at 0.7695, retreating from fresh six day lows of 0.7683 levels reached an hour ago. 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 0.32% and stands at session highs at 97.93.
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 0.7680 levels from here it to 0.7638 levels.
AUD/USD recovers from 0.7783
Currently, the AUD/USD trades lower by -0.0.79% at 0.7695, retreating from fresh six day lows of 0.7683 levels reached an hour ago. 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 0.32% and stands at session highs at 97.93.
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 0.7680 levels from here it to 0.7638 levels.