OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: AUD/USD extends losses to fresh 1-week low

FXstreet.com (Córdoba) - The Australian dollar extended its decline and hit fresh lows versus the dollar and the yen as weaker-than-expected Chinese Q1 GDP weighed on risky assets and fueled gold's sell-off.

AUD/USD lost over 100 pips throughout the day, briefly sliding below the 1.0400 mark, to print a 1-week low of 1.0394 as investors continue to get rid of high-yielders in benefit of safe-havens. At time of writing, AUD/USD is trading around 1.0410, still down 0.8% on the day.

As for technical levels, the Mataf.net analyst team locates immediate support levels for the cross at 1.0395, 1.0350 and 1.0295, while they see resistances at 1.0445 and 1.0495 ahead of 1.0520.

Forex Flash: Australia strategy profile – Westpac

“Given the BoJ/Fed wall of money, the Aussie had a great chance last week to take out the January highs around 1.0600 but it is hard to ignore the slide in base and precious metals prices, increased pricing for RBA easing and the deflating China GDP report. This leaves AUD finding buyers with a 1.0300 handle but failing in the mid-1.05s.” writes Global FX Strategist Sean Callow at Westpac.
Read more Previous

Forex: EUR/USD keeps the red around 1.3075/80

The single currency is following the lack of direction in the global markets on Monday, dragged to the defensive territory after the worse-than-expected data from the Chinese economy...
Read more Next
Start livechat