10 Mar 2015
AUD/USD accelerates losses below 0.7650
FXStreet (Mumbai) - AUD/USD dives deeper in red to fresh monthly lows in the mid-Asian session, as downbeat Australian business confidence survey continues to dampen investors’ sentiments.
AUD/USD falls from 0.7665 levels
Currently, the AUD/USD trades lower by -0.69% at fresh four week lows of 0.7646 levels. The Aussie tumbled in Asia after Aus business confidence in January was wiped out last month, signalling to the RBA that more rate cuts may be needed. The National Australia Bank (NAB) Business Confidence index fell to zero last month from 3 in January, while the NAB Business Conditions index was steady at 2.
AUD/USD fell to its lowest since early February, as Chinese PPI data over the weekend showed import prices falling, a negative factor for Australia, which depends heavily on trade with the world's second largest economy. Moreover, lower gold and copper prices also added to downside in AUD/USD.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7685 levels, above which gains could be extended to 0.7708 levels. On the flip side, support is seen at 0.7623 from here it to 0.7600 levels.
AUD/USD falls from 0.7665 levels
Currently, the AUD/USD trades lower by -0.69% at fresh four week lows of 0.7646 levels. The Aussie tumbled in Asia after Aus business confidence in January was wiped out last month, signalling to the RBA that more rate cuts may be needed. The National Australia Bank (NAB) Business Confidence index fell to zero last month from 3 in January, while the NAB Business Conditions index was steady at 2.
AUD/USD fell to its lowest since early February, as Chinese PPI data over the weekend showed import prices falling, a negative factor for Australia, which depends heavily on trade with the world's second largest economy. Moreover, lower gold and copper prices also added to downside in AUD/USD.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7685 levels, above which gains could be extended to 0.7708 levels. On the flip side, support is seen at 0.7623 from here it to 0.7600 levels.