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23 Jan 2015
AUD/USD hits fresh 5 ½-year low sub-0.7900
FXStreet (Córdoba) - The Australian dollar has continued to weaken throughout the European session and briefly dropped below 0.7900 to post a fresh 5 ½-year low versus the greenback.
Increasing bets the RBA could announce a rate cut on Feb 3 in response to other central banks’ moves and falling commodity prices, have weighed on the Aussie, which has dropped more than 300 pips so far this week. AUD/USD bottomed out at 0.7880 before bouncing back above the 0.79 mark. At time of writing, the pair is trading at 0.7909, recording a 1.45% loss on the day.
AUD/USD technical levels
As for technical levels, below 0.7880 next supports are seen at 0.7814 (Jul 14 2009 low) and 0.7800 (psychological level). On the flip side, resistances could be faced at 0.8000 (psychological level), 0.8050 (Jan 23 high) and 0.8077 (Jan 21 low).
Increasing bets the RBA could announce a rate cut on Feb 3 in response to other central banks’ moves and falling commodity prices, have weighed on the Aussie, which has dropped more than 300 pips so far this week. AUD/USD bottomed out at 0.7880 before bouncing back above the 0.79 mark. At time of writing, the pair is trading at 0.7909, recording a 1.45% loss on the day.
AUD/USD technical levels
As for technical levels, below 0.7880 next supports are seen at 0.7814 (Jul 14 2009 low) and 0.7800 (psychological level). On the flip side, resistances could be faced at 0.8000 (psychological level), 0.8050 (Jan 23 high) and 0.8077 (Jan 21 low).