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5 Jan 2015
AUD/USD recovers from new 5-1/2 year lows
FXStreet (Mumbai) - The Aussie slumped against the US dollar in the late-Asian session, extending losses seen in the previous session on broad based US dollar strength and falling commodity prices.
Currently, the AUD/USD trades at 0.8045 levels, down -0.57% on the day, recovering quickly from fresh five and a half year lows hit at 0.8036 levels an hour ago. The Aussie edged lower against the greenback largely on the back of strengthening US dollar versus its major peers. The dollar index, which measures the strength of the greenback against the basket of six major
currencies, rallied to multi-year high of 91.92 levels an hour ago and now trades at 91.87, up 0.44 on the day.
Moreover, falling oil and copper prices also the hit the Aussie, adding to the losses in AUD/USD. A weaker manufacturing activity report from Australia also weighed on the AUD/USD pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8093 (Jan 4 High) levels, above which gains could be extended to 0.8146 (Dec 23 High) levels. On the flip side, support is seen at 0.80 levels, from here it to sub 0.7960 levels.
Currently, the AUD/USD trades at 0.8045 levels, down -0.57% on the day, recovering quickly from fresh five and a half year lows hit at 0.8036 levels an hour ago. The Aussie edged lower against the greenback largely on the back of strengthening US dollar versus its major peers. The dollar index, which measures the strength of the greenback against the basket of six major
currencies, rallied to multi-year high of 91.92 levels an hour ago and now trades at 91.87, up 0.44 on the day.
Moreover, falling oil and copper prices also the hit the Aussie, adding to the losses in AUD/USD. A weaker manufacturing activity report from Australia also weighed on the AUD/USD pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8093 (Jan 4 High) levels, above which gains could be extended to 0.8146 (Dec 23 High) levels. On the flip side, support is seen at 0.80 levels, from here it to sub 0.7960 levels.