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1 Sep 2015
AUD/USD testing multi-year lows, near 0.7070
FXStreet (Mumbai) - The Aussie shaved-off gains from Asia and extends the slide further below 0.71 handle, as China fears continue to weigh on the OZ economy.
AUD/USD eyes 0.7050
Currently, the AUD/USD pair trades -0.56% lower at 0.7074, heading for a test of multi-year trough struck at 0.7051 on Aug 24. The AUD/USD pair erased RBA-led gains and keeps pushing lower amid generalized risk-off sentiment triggered by fears that China’s economy is exposed to further downside risk especially after the latest weak China PMI reading. China's manufacturing PMI came in at 49.7 in August, down from 50 in July.
Earlier today the RBA decided to leave the interest rate unchanged at 2.0%, where it has been since May. Following the announcement the country's currency showed no major moves and held just above 0.71 handle and not far from a six-and-a-half-year low of 0.7051.
Meanwhile, traders now look forward to a slew of US economic data to be released later in the US session for further AUD/USD moves.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7175 (Aug 31 High) levels, above which gains could be extended to 0.7207 (Aug 28 High). On the flip side, support is seen at 0.7051 (Aug 24 Low) levels from here it to 0.7000 (2009 levels).
AUD/USD eyes 0.7050
Currently, the AUD/USD pair trades -0.56% lower at 0.7074, heading for a test of multi-year trough struck at 0.7051 on Aug 24. The AUD/USD pair erased RBA-led gains and keeps pushing lower amid generalized risk-off sentiment triggered by fears that China’s economy is exposed to further downside risk especially after the latest weak China PMI reading. China's manufacturing PMI came in at 49.7 in August, down from 50 in July.
Earlier today the RBA decided to leave the interest rate unchanged at 2.0%, where it has been since May. Following the announcement the country's currency showed no major moves and held just above 0.71 handle and not far from a six-and-a-half-year low of 0.7051.
Meanwhile, traders now look forward to a slew of US economic data to be released later in the US session for further AUD/USD moves.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7175 (Aug 31 High) levels, above which gains could be extended to 0.7207 (Aug 28 High). On the flip side, support is seen at 0.7051 (Aug 24 Low) levels from here it to 0.7000 (2009 levels).