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27 Mar 2015
AUD/USD under pressure, flirting with 0.78
FXStreet (Mumbai) - AUD/USD extends its downside momentum in the Asian session, reaching fresh four day lows below 0.7800 levels, mainly driven by falling Chinese Industrial profits and iron-ore prices.
AUD/USD slips from 0.7834
Currently, the AUD/USD trades lower by -0.37% at 0.7798 levels, having posted fresh session lows at 0.7792 couple of hours ago. The Aussie continued its losing streak and fell further in to losses in the late-Asian session as stops were triggered below 0.78 barrier dragging the pair lower.
Moreover, weaker Chinese industrial profits data and plunging iron-ore prices continue to weigh on AUD/USD. China Industrial Profits (YoY) for the month of February came at -4.2% vs -8.0% previous, while iron ore was down nearly -4% (Dailian Sept contract)
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7834 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7760 levels from here it to 0.7700 levels.
AUD/USD slips from 0.7834
Currently, the AUD/USD trades lower by -0.37% at 0.7798 levels, having posted fresh session lows at 0.7792 couple of hours ago. The Aussie continued its losing streak and fell further in to losses in the late-Asian session as stops were triggered below 0.78 barrier dragging the pair lower.
Moreover, weaker Chinese industrial profits data and plunging iron-ore prices continue to weigh on AUD/USD. China Industrial Profits (YoY) for the month of February came at -4.2% vs -8.0% previous, while iron ore was down nearly -4% (Dailian Sept contract)
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7834 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7760 levels from here it to 0.7700 levels.