AUD/USD under pressure despite iron ore rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Buying interest in the Aussie remains weak, leaving the AUD/USD pair weak around 0.7530 levels despite rise in iron ore prices.

    Eyes hourly 50-MA

    At 0.7530, the spot is within a striking distance from 0.7516 (hourly 50-MA) levels. The bird clocked a multi-month high of 0.7594 before profit taking took pushed it in losses. Weakness in oil may have overshadowed a 3.4% rally in China iron ore prices and may have weighed over the Aussie.

    The data calendar in the US is empty; hence trading could be erratic ahead of the RBA minutes release in early Asian session.

    AUD/USD Technical Levels

    A breakdown of immediate support at 0.7516 (hourly 50-MA) would open doors for a drop to 0.7446 (Friday’s low) and 0.7418 (10-DMA). On the other hand, break above 0.7594 (daily high)- 0.76 would expose 0.7628 (61.8% of 0.8124-0.6827) and 0.77 levels.
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