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11 Mar 2015
AUD/USD testing lows ahead of 0.76
FXStreet (Mumbai) - AUD/USD erased RBA Kent induced gains and inched towards six year lows in the mid-Asian session, as the US dollar continues to dominate across the board as increased probability of a mid-year rate hike may provide impetus to finally break below the support at 0.7600.
AUD/USD falls from 0.7645 levels
Currently, the AUD/USD trades lower by -0.11% at 0.7615 levels, heading towards 0.76 barrier, in another attempt to hit lowest levels since 2009. The Aussie resumes its downtrend on increased demand for the US dollar as markets await the upcoming Federal Reserve (Fed) meeting later in March for a hint at a June rate hike. Moreover, downbeat Aus consumer sentiment data which showed that the Westpac-Melbourne Institute Consumer Sentiment index fell 1.2% to 99.7 points in March from 100.7 in February also weighed on AUD/USD.
AUD/USD recovered from its lowest in six years; after Reserve Bank of Australia (RBA) assistant governor Christopher Kent repeated on Wednesday the bank's long-held stance that the Australian dollar remains above its fundamental value, and was beginning to play a role in helping the economy to adjust.
IN the day ahead, US dollar is likely to remain the main driver for the pair, providing fresh direction on the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7645 levels, above which gains could be extended to 0.7685 levels. On the flip side, support is seen at 0.7600 from here it to 0.7580 (2009) levels.
AUD/USD falls from 0.7645 levels
Currently, the AUD/USD trades lower by -0.11% at 0.7615 levels, heading towards 0.76 barrier, in another attempt to hit lowest levels since 2009. The Aussie resumes its downtrend on increased demand for the US dollar as markets await the upcoming Federal Reserve (Fed) meeting later in March for a hint at a June rate hike. Moreover, downbeat Aus consumer sentiment data which showed that the Westpac-Melbourne Institute Consumer Sentiment index fell 1.2% to 99.7 points in March from 100.7 in February also weighed on AUD/USD.
AUD/USD recovered from its lowest in six years; after Reserve Bank of Australia (RBA) assistant governor Christopher Kent repeated on Wednesday the bank's long-held stance that the Australian dollar remains above its fundamental value, and was beginning to play a role in helping the economy to adjust.
IN the day ahead, US dollar is likely to remain the main driver for the pair, providing fresh direction on the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7645 levels, above which gains could be extended to 0.7685 levels. On the flip side, support is seen at 0.7600 from here it to 0.7580 (2009) levels.