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Forex: AUD/USD extends the downside below 1.0350

FXstreet.com (Barcelona) - The Aussie dollar intensifying its intraday descent on Monday, as selling pressure in the risk-associated assets, commodities and high beta currencies are hammering the markets.

“Given the BoJ/Fed wall of money, the Aussie had a great chance last week to take out the Jan highs around 1.06 but it is hard to ignore the slide in base and precious metals prices, increased pricing for RBA easing and the de ating China GDP report. This leaves AUD finding buyers with a 1.03 handle but failing in the mid-1.05s”, assessed Strategist Sean Callow at the Australian Westpac.

AUD/USD is now losing 1.56% at 1.0343 with the next support at 1.0332 (low Mar.18) followed by 1.0300 (low Mar.12).
On the upside, a break above 1.0397 (MA200d) would the target 1.0425 (hourly high Apr.15).

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