Aussie under pressure as China Industrial profits, iron ore weigh

FXStreet (Bali) - China Industrial Profits (YoY) for the month of February came at -4.2% vs -8.0% previous, which coupled with iron ore down 3.7% (Dailian Sept contract), is adding pressure on the Australian Dollar.

Jim Langlands, Founder at FXCharts, wrote: "With the 1 and 4 hour charts showing a negative bias, a more substantial test of 0.7800 would not surprise (broken now), below which would run towards the magnetic 100 Month MA at 0.7775 (50% of 0.7559/0.7937) and then to the 23 Mar low at 0.7762."