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AUD/USD drops to 0.6975 and rebounds

FXStreet (Córdoba) - AUD/USD broke the intraday trading range to the downside and fell to 0.6977, hitting the lowest level since Thursday. Afterwards rebounded and rose back above 0.7000.

It was trading at 0.7005, 15 pips below Friday’s closing price. Last week the pair ended with losses amid risk aversion and weak Chinese economic data.

AUD/USD limited below 0.7040

The pair moved off session lows but still remains under pressure. The US dollar is falling against European currencies and the yen but still shows strength versus commodity and emerging market currencies.

During the Asian and the European session AUD/USD tested several times the area below 0.7040 but it failed to break higher. The mentioned area has become a key short term resistance that during the last three trading days it capped the upside. A consolidation on top of 0.7040 could open the doors for further gains. To the downside, a consolidation below 0.6980 would add pressure to the aussie.

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