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2 Jan 2015
AUD/USD hovers near day’s low after RBA data
FXStreet (Mumbai) - The Australian dollar continues to hover near the day’s low against its US counterpart after the data from the Reserve Bank of Australia (RBA) showed the commodity price index declined in December.
The AUD/USD pair currently trades 0.53% lower at 0.8137 levels. The pair fell to a low of 0.8126 levels today as the US dollar strengthened across the board on growing monetary policy divergence. Meanwhile, the RBA data released today showed Preliminary estimates for December commodity price index fell by 21.2%, largely driven by falls in the prices of bulk commodities, extending the 18.65 fall seen in November.
Being a commodity linked currency, the AUD may extend losses today on the disappointing commodity index data by the RBA.
AUD/USD Technical Levels
The immediate support is seen at 0.8121 (Dec 30, 2014 low), under which the pair could re-test 0.8087 (Dec. 23, 2014 low). Meanwhile, resistance is seen at 0.8136 (10-DMA) and 0.8158 (5-DMA) levels.
The AUD/USD pair currently trades 0.53% lower at 0.8137 levels. The pair fell to a low of 0.8126 levels today as the US dollar strengthened across the board on growing monetary policy divergence. Meanwhile, the RBA data released today showed Preliminary estimates for December commodity price index fell by 21.2%, largely driven by falls in the prices of bulk commodities, extending the 18.65 fall seen in November.
Being a commodity linked currency, the AUD may extend losses today on the disappointing commodity index data by the RBA.
AUD/USD Technical Levels
The immediate support is seen at 0.8121 (Dec 30, 2014 low), under which the pair could re-test 0.8087 (Dec. 23, 2014 low). Meanwhile, resistance is seen at 0.8136 (10-DMA) and 0.8158 (5-DMA) levels.