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2 Sep 2015
AUD/USD flirts with 0.7000 ahead of US ADP report
FXStreet (Mumbai) - The AUD bears fought back control in the European session, driving AUD/USD back towards the multi-month trough sub 0.70 reached in Asia.
AUD/USD heads towards fresh 6-1/2 year lows
Currently, the AUD/USD pair drops -0.19% to 0.7000, attempting another run towards six and a half year lows struck at 0.6982 in early Asia. The AUD/USD pair paused its tepid recovery near 0.7050 area and reverted to the red zone amid broad based US dollar strength with markets expecting stronger US ADP employment report due to be published ahead of US open.
Earlier in Asia, the Aussie tumbled to the lowest levels in more than six year at 0.6982 after the Australia’s GDP report showed slowing pace of growth during the June quarter. GDP growth slowed from 0.9% in the March quarter to 0.2% last quarter, missing the market forecast of a 0.4% increase.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7100 levels, above which gains could be extended to 0.7157 (Sept 1 High). On the flip side, support is seen at 0.6982 (Today’s Low) levels from here it to 0.6950 (early 2009 levels).
AUD/USD heads towards fresh 6-1/2 year lows
Currently, the AUD/USD pair drops -0.19% to 0.7000, attempting another run towards six and a half year lows struck at 0.6982 in early Asia. The AUD/USD pair paused its tepid recovery near 0.7050 area and reverted to the red zone amid broad based US dollar strength with markets expecting stronger US ADP employment report due to be published ahead of US open.
Earlier in Asia, the Aussie tumbled to the lowest levels in more than six year at 0.6982 after the Australia’s GDP report showed slowing pace of growth during the June quarter. GDP growth slowed from 0.9% in the March quarter to 0.2% last quarter, missing the market forecast of a 0.4% increase.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7100 levels, above which gains could be extended to 0.7157 (Sept 1 High). On the flip side, support is seen at 0.6982 (Today’s Low) levels from here it to 0.6950 (early 2009 levels).