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17 Jul 2015
AUD/USD: Drops below 0.74, bears regaining control?
FXStreet (Mumbai) - The recovery in the AUD/USD pair is proving to be short lived as the pair was offered at the high of 0.7418 earlier today, after which it dipped below 0.74.
Commodity pack suffering moderate losses
The losses in the AUD are largely in line with similar losses seen in the other major commodity currencies like NZD, CAD. The commodity currencies are trading lower in line with the losses seen in commodity prices. Copper, on the New York Mercantile Exchange, dived 1%, thereby pulling commodity currencies lower.
Ahead in the day, the AUD/USD pair may extend losses if the US core CPI number for June ticks higher as expected.
AUD/USD Technical Levels
The spot currently trades around 0.7390. The immediate resistance is seen at 0.7416 (hourly 100-MA) and 0.7428 (hourly 200-MA). On the other hand, support is seen at 0.7382 and 0.7349.
Commodity pack suffering moderate losses
The losses in the AUD are largely in line with similar losses seen in the other major commodity currencies like NZD, CAD. The commodity currencies are trading lower in line with the losses seen in commodity prices. Copper, on the New York Mercantile Exchange, dived 1%, thereby pulling commodity currencies lower.
Ahead in the day, the AUD/USD pair may extend losses if the US core CPI number for June ticks higher as expected.
AUD/USD Technical Levels
The spot currently trades around 0.7390. The immediate resistance is seen at 0.7416 (hourly 100-MA) and 0.7428 (hourly 200-MA). On the other hand, support is seen at 0.7382 and 0.7349.