Back
14 Jan 2015
AUD/USD continues freefall as Copper bleeds
FXStreet (Mumbai) - The Aussie dived deeper in red against the US dollar in the early European morning, reaching fresh one-week lows as copper and oil prices extends sell-off.
Currently, the AUD/USD traded at 0.8075, down -1.11% on the day, having posted fresh one-week lows at 0.8069 levels few minutes ago. The Aussie plunged against the US dollar as copper prices fell to fresh five and a half year lows, extending its sell-off above 5% on the day so far. Falling oil and silver prices also added to the losses in the AUD/USD pair as Australia is a heavily commodity export oriented economy and the ongoing bloodbath in the commodities may have major negative impacts on the Oz economy.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8132 (Jan 8 High) levels, above which gains could be extended to 0.8158 (Jan 6 High) levels. On the flip side, support is seen at 0.8031 (Jan 7 Low) levels, from here it to 0.80 levels.
Currently, the AUD/USD traded at 0.8075, down -1.11% on the day, having posted fresh one-week lows at 0.8069 levels few minutes ago. The Aussie plunged against the US dollar as copper prices fell to fresh five and a half year lows, extending its sell-off above 5% on the day so far. Falling oil and silver prices also added to the losses in the AUD/USD pair as Australia is a heavily commodity export oriented economy and the ongoing bloodbath in the commodities may have major negative impacts on the Oz economy.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8132 (Jan 8 High) levels, above which gains could be extended to 0.8158 (Jan 6 High) levels. On the flip side, support is seen at 0.8031 (Jan 7 Low) levels, from here it to 0.80 levels.