7 Jul 2015
AUD/USD drops to fresh session low of 0.7418
FXStreet (Mumbai) - The AUD is being offered along with other commodity currencies, pushing the AUD/USD pair to a fresh daily low of 0.7418 in the European session.
Commodity currencies hurt by Chinese connection
The commodity currencies – AUD. NZD, CAD is being sold after the Shanghai Composite index in China suffered losses despite the slew of measures announced by the Chinese authorities over the weekend. The rout in the stock markets is threatening to turn into a full fledged crash, due to which the commodity currencies are suffering losses.
Meanwhile, a safe haven demand for the treasuries also supported the USD. Earlier today, the RBA decision to keep rates unchanged hardly provided any surprises to the markets.
AUD/USD Technical Levels
The pair currently trades around 0.7430. The immediate resistance is seen at 0.7460-0.7463, above which the pair could target 0.75. On the flip side, a break below 0.74 could push the pair down to 0.7340.
Commodity currencies hurt by Chinese connection
The commodity currencies – AUD. NZD, CAD is being sold after the Shanghai Composite index in China suffered losses despite the slew of measures announced by the Chinese authorities over the weekend. The rout in the stock markets is threatening to turn into a full fledged crash, due to which the commodity currencies are suffering losses.
Meanwhile, a safe haven demand for the treasuries also supported the USD. Earlier today, the RBA decision to keep rates unchanged hardly provided any surprises to the markets.
AUD/USD Technical Levels
The pair currently trades around 0.7430. The immediate resistance is seen at 0.7460-0.7463, above which the pair could target 0.75. On the flip side, a break below 0.74 could push the pair down to 0.7340.