AUD/USD avoids losses amid drop in copper prices

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The AUD/USD pair has managed to avoid losses despite the China driven losses in the Copper prices and increased odds of Fed tightening.

    Hovers around hourly 50-MA

    At the time of writing, the pair hovered around its hourly 50-MA located at 0.7049. Copper prices on the Comex dropped more than 0.60%, while mining stocks across Europe took a hit after the China trade data released over the weekend highlighted weak domestic demand as well as global demand.

    The Aussie is still showing uncanny resilience. Ahead in the day, the currency could take a hit in case the risk aversion worsens.

    AUD/USD Technical Levels

    The immediate resistance is located at 0.71 (hourly 100-MA) and 0.7120 (hourly 200-MA), which is almost close to 0.7127 (50-DMA). On the lower side, a break below 0.7040 (daily low) would open doors for a re-test of 0.70 handle.
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