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14 May 2015
AUD/USD turns negative near 0.8110
FXStreet (Mumbai) - AUD/USD shaved-off gains and trades muted in the European morning, retreating from fresh four-month highs, mainly weighed by tumbling iron ore prices. While a bout of profit-taking also dragged the Aussie lower.
AUD/USD drops from 0.8125
Currently, the AUD/USD pair trades flat at 0.8104, easing off fresh multi month peak reached at 0.8164 in early Asia. AUD/USD reversed gains and turned in red, despite the underlying weakness in the greenback across the board, as sliding iron-ore prices which are down nearly 3% on the Dalian Exchange pushes AUD/USD lower.
Moreover, traders resorted to locking-in gains after the Aussie rose to highest levels in 4 month almost inching closer towards 0.82 barrier. The AUD/USD pair strengthened, benefitting from broadly weaker US dollar after US retail sales data missed estimates by a big number yesterday.
Meanwhile, markets now await US PPI and weekly jobless claims data due later in the day for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8164 (Today’s High) levels, above which gains could be extended to 0.8200 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.
AUD/USD drops from 0.8125
Currently, the AUD/USD pair trades flat at 0.8104, easing off fresh multi month peak reached at 0.8164 in early Asia. AUD/USD reversed gains and turned in red, despite the underlying weakness in the greenback across the board, as sliding iron-ore prices which are down nearly 3% on the Dalian Exchange pushes AUD/USD lower.
Moreover, traders resorted to locking-in gains after the Aussie rose to highest levels in 4 month almost inching closer towards 0.82 barrier. The AUD/USD pair strengthened, benefitting from broadly weaker US dollar after US retail sales data missed estimates by a big number yesterday.
Meanwhile, markets now await US PPI and weekly jobless claims data due later in the day for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8164 (Today’s High) levels, above which gains could be extended to 0.8200 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.