Main technical support after 0.9800 is 0.9537
The Australian Dollar still looks quite heavy across the board, and this had led the currency to extend losses against the US Dollar in the last hour, hitting a fresh 2-week low at 0.9954, strong area of support. The cross is 75 pips or 0.74% below its opening on Tuesday.
“Risk markets did well on Monday in anticipation of more moderate than feared Chinese CPI but now the Aussie finds itself struggling in what appears to be a classic case of buy the rumor, sell the news” commented Jamie Coleman, Edior at Forexlive.
On the downside, 0.9840 is likely to be the next reliable area of support should the Aussie not hold back the bearish tide. If the pair ever gets there, first USD should take out lows at 0.9950, level it stalled at in the past hour.
The Australian Dollar still looks quite heavy across the board, and this had led the currency to extend losses against the US Dollar in the last hour, hitting a fresh 2-week low at 0.9954, strong area of support. The cross is 75 pips or 0.74% below its opening on Tuesday.
“Risk markets did well on Monday in anticipation of more moderate than feared Chinese CPI but now the Aussie finds itself struggling in what appears to be a classic case of buy the rumor, sell the news” commented Jamie Coleman, Edior at Forexlive.
On the downside, 0.9840 is likely to be the next reliable area of support should the Aussie not hold back the bearish tide. If the pair ever gets there, first USD should take out lows at 0.9950, level it stalled at in the past hour.