AUD/USD Dumped Heavily as Risk-off Returns, Near 0.7550
AUD/USD shaved-off
gains and plummeted sharply in the European session, as risk-aversion
returned to markets as the oil prices as well as the European equities
turned into the red zone.
AUD/USD fails near daily R1 at 0.7635 and dives
Currently,
the AUD/USD pair sinks -0.57% to 0.7552, having posted fresh session
lows at 0.7546 last minutes. The bulls failed to retain control in
Europe, with the Aussie dropping sharply from a three-day high, in
response to a drastic turnaround in the risk conditions after the oil
prices snapped the rally and fell back in the red, also driving the
European equities lower.
Among the European indices, Germany’s
DAX is down -0.30%, the UK FTSE loses -0.10%, while the pan-European
benchmark, the Euro Stoxx 50 drops -0.66%. While both crude benchmarks
are seen posting moderate losses.
Focus now remains on the US
unemployment claims data for further USD moves, while Fed Yellen’s
speech due on Friday Asian morning will be also closely eyed.
AUD/USD Levels to watch
The
pair finds the immediate resistance at 0.7643/50 (daily R1/
psychological levels) above which gains could be extended to the next
hurdle located at 0.7673/74 (Apr 4 High/ daily R2). On the flip side,
the immediate support located at 0.7508/00 (Mar 29 Low). Selling
pressure is likely to intensify below the last, dragging the Aussie
0.7475/55 (Mar 24 Low/ daily S3).
(Market News Provided by FXstreet)
