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10 Mar 2014
AUD/USD drops to lows near 0.9010
FXStreet (Edinburgh) - The risk aversion is picking up pace now, pushing the AUD/USD to another test of intraday lows in the area of 0.9015/10.
AUD/USD on its way to 0.9000?
Although the pair managed to leave behind a negative start, selling pressure seem to have been too much and dragged spot lower after an unsuccessful bullish attempt. “The AUD will continue to be the main proxy for Chinese financial and economic risks, and the market will be watching closely developments in the metals markets in China this week after sudden and sharp weakness on Friday”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.50% at 0.9023 with the next support at 0.8973 (low Mar.6) ahead of 0.8934 (low Mar.5) and then 0.8924 (50-d MA). On the flip side, a break above 0.9135 (high Mar.7) would aim for 0.9152 (high Dec.11) and then 0.9164 (200-d MA).
AUD/USD on its way to 0.9000?
Although the pair managed to leave behind a negative start, selling pressure seem to have been too much and dragged spot lower after an unsuccessful bullish attempt. “The AUD will continue to be the main proxy for Chinese financial and economic risks, and the market will be watching closely developments in the metals markets in China this week after sudden and sharp weakness on Friday”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.50% at 0.9023 with the next support at 0.8973 (low Mar.6) ahead of 0.8934 (low Mar.5) and then 0.8924 (50-d MA). On the flip side, a break above 0.9135 (high Mar.7) would aim for 0.9152 (high Dec.11) and then 0.9164 (200-d MA).