AUD/USD Heavy, Fails to Resist Above 0.7800 as Oil Tumbles
AUD/USD Heavy, Fails to Resist Above 0.7800 as Oil Tumbles
The AUD/USD pair extends its retreat from ten-month tops in the mid-Asian trades, having peaked at 0.7826 levels in the last US session.
AUD/USD drops to lows near 0.7780
Currently, the AUD/USD pair now drops -0.32% to 0.7788, keeping range
near fresh session lows struck at 0.7783 some minutes ago. The Aussie
ended a four-day rally and dropped sharply this session as sentiment
soured across the financial markets as oil turned back in the negative
territory after Kuwait labour strike ended.
Moreover, the recent speech by RBA Governor Stevens also continues to
weigh on the investors’ mind and hence, reduces the demand for AUD
against its American rival. Further, markets look to book profits on
their AUD kings after the recent strength, as focus now shifts towards
the US existing home sales and US crude inventories data due later today
for further incentives on the Aussie.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7800 (round number) above
which gains could be extended to the next hurdle located at 07826/53
(Apr 19 High/ June 2015 high). On the flip side, the immediate support
located at 0.7741/25 (5-DMA/ 1h 100-SMA). Selling pressure is likely to
intensify below the last, dragging the Aussie 0.7694/90 (daily pivot/
10-DMA).
