24 Aug 2015
AUD/USD tumbles along with China stocks, challenges 0.7200
FXStreet (Mumbai) - AUD/USD was heavily sold-off in the Asian session, as the Australian dollar tracked the accelerating Chinese stocks rout while plummeting oil and base metals prices add to the persisting risk-off moods.
AUD/USD at multi-month lows
Currently, the AUD/USD pair trades -1.29% lower at 0.7218, having tested lows at 0.7201 levels – fresh six-year lows. The AUD/USD pair remains heavy as heightening worries over the health of its top trading partner, China, following the extension of last week’s stock markets rout further fanned risk-aversion.
Markets continue to give-up higher yielding (riskier) currencies and resort to safety assets such as yen, gold, long-end treasuries to shield themselves from the prevailing global sell-off.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7265 (Today’s High) levels, above which gains could be extended to 0.7312 (Aug 23 High). On the flip side, support is seen at 0.7201 (Today’s Low) levels from here it to 0.7180 (2009 Levels).
AUD/USD at multi-month lows
Currently, the AUD/USD pair trades -1.29% lower at 0.7218, having tested lows at 0.7201 levels – fresh six-year lows. The AUD/USD pair remains heavy as heightening worries over the health of its top trading partner, China, following the extension of last week’s stock markets rout further fanned risk-aversion.
Markets continue to give-up higher yielding (riskier) currencies and resort to safety assets such as yen, gold, long-end treasuries to shield themselves from the prevailing global sell-off.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7265 (Today’s High) levels, above which gains could be extended to 0.7312 (Aug 23 High). On the flip side, support is seen at 0.7201 (Today’s Low) levels from here it to 0.7180 (2009 Levels).