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AUD/USD tracks copper and Kiwi, drops below key support

FXStreet (Mumbai) - The AUD/USD is being offered in early Europe in line with the weakness in the Comex Copper and NZD/USD pair.

Rejected at 23.6% retracement

The pair failed to sustain above 0.7270 (23.6% of 0.6907-0.7382), after which fresh offers pushed the spot to a session low of 0.7232. The pair has taken out key support on the hourly chart located at 0.7238 (Oct 19 low).

The latest drop could be attributed to 0.60% fall seen in the Comex copper and the weakness in the NZD/USD on account of Fitch’s downward revision of Fonterra’s credit rating.

AUD/USD Technical Levels

The immediate support is located at 0.72 (38.2% of 0.6907-0.7382), under which the pair could extend the fall to 50-DMA at 0.7155. On the other higher side, a break above 0.7270 (23.6% of 0.6907-0.7382) could expose 0.73 handle, above which the spot could target 0.7336 (100-DMA).

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