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18 Mar 2015
AUD/USD testing lows ahead of 0.7600
FXStreet (Mumbai) - AUD/USD erased previous gains and fell to fresh lows ahead of Europe open, as the US dollar reversed losses and regained footing against its major peers ahead of the crucial Fed decision.
AUD/USD drops from 0.7624
Currently, the AUD/USD trades lower by -0.16 at 0.7604 levels, rejected at 5-DMA levels. The AUD/USD pair wiped out previous gains and fell back in to red on the 0.76 handle as the US dollar recovered from losses and regained 100 mark as traders prefer to hold the reserve currency ahead of the FOMC statement which is expected to come in less dovish, boosting the greenback further.
Moreover, falling oil prices and lower copper prices also dampened the demand for the resource-linked Aussie, dragging the pair lower.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7649 (10-DMA) levels, above which gains could be extended to 0.7681 (March 16 High) levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7570 (March 12 Low) levels.
AUD/USD drops from 0.7624
Currently, the AUD/USD trades lower by -0.16 at 0.7604 levels, rejected at 5-DMA levels. The AUD/USD pair wiped out previous gains and fell back in to red on the 0.76 handle as the US dollar recovered from losses and regained 100 mark as traders prefer to hold the reserve currency ahead of the FOMC statement which is expected to come in less dovish, boosting the greenback further.
Moreover, falling oil prices and lower copper prices also dampened the demand for the resource-linked Aussie, dragging the pair lower.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7649 (10-DMA) levels, above which gains could be extended to 0.7681 (March 16 High) levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7570 (March 12 Low) levels.