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2 Apr 2015
AUD/USD hit fresh six year low
FXStreet (Mumbai) - The AUD/USD pair declined for the fifth consecutive session on Thursday to hit a fresh six year low of 0.7553.
Weak Iron ore price weighs over Aussie
The AUD has been weighed down by falling iron ore prices and expectations that there will be a Reserve Bank interest rate cut on Tuesday. The data released earlier today showed the Australian The trade deficit hit its largest level in five months on the back of falling iron ore prices and the lower Australian dollar.
Meanwhile, the US dollar is making a comeback after falling across the board against major currencies in the early European session. The AUD/USD pair could be influenced by the weekly jobless claims data and the monthly factory orders data due for release in the US later today.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7589, above which the pair could rise to its 5-DMA at 0.7634. On the flip side, a break below 0.7500 could push the pair lower to 0.7433 (Sept. 2006 low).
Weak Iron ore price weighs over Aussie
The AUD has been weighed down by falling iron ore prices and expectations that there will be a Reserve Bank interest rate cut on Tuesday. The data released earlier today showed the Australian The trade deficit hit its largest level in five months on the back of falling iron ore prices and the lower Australian dollar.
Meanwhile, the US dollar is making a comeback after falling across the board against major currencies in the early European session. The AUD/USD pair could be influenced by the weekly jobless claims data and the monthly factory orders data due for release in the US later today.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7589, above which the pair could rise to its 5-DMA at 0.7634. On the flip side, a break below 0.7500 could push the pair lower to 0.7433 (Sept. 2006 low).