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1 Apr 2015
AUD/USD off fresh 3-week lows below 0.76
FXStreet (Mumbai) - AUD/USD wiped out previous gains and turned in to negative territory in the European session as RBA rate cuts expectations in its upcoming meeting continues to weigh on the markets.
AUD/USD remains below 0.76
Currently, the AUD/USD trades lower by -0.18% at 0.7592, hovering close to fresh three week lows posted at 0.7583 earlier in the session. AUD/USD resumed its downslide largely on Aussie weakness with markets increasingly betting on the Reserve Bank of Australia (RBA) cutting its rate on April 7.
Upbeat building consents and China's manufacturing sector led recovery was short-lived as the US dollar regained lost ground and increased speculation surrounding RBA rate decision.
On the US macro front, dollar bulls will look for inspiration from this week's fruitful batch of data, including payrolls and the ISM among others.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7600 levels, above which gains could be extended to 0.7646 levels. On the flip side, support is seen at 0.7558 levels from here it to 0.7520 levels.
AUD/USD remains below 0.76
Currently, the AUD/USD trades lower by -0.18% at 0.7592, hovering close to fresh three week lows posted at 0.7583 earlier in the session. AUD/USD resumed its downslide largely on Aussie weakness with markets increasingly betting on the Reserve Bank of Australia (RBA) cutting its rate on April 7.
Upbeat building consents and China's manufacturing sector led recovery was short-lived as the US dollar regained lost ground and increased speculation surrounding RBA rate decision.
On the US macro front, dollar bulls will look for inspiration from this week's fruitful batch of data, including payrolls and the ISM among others.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7600 levels, above which gains could be extended to 0.7646 levels. On the flip side, support is seen at 0.7558 levels from here it to 0.7520 levels.