Forex: AUD/USD hits 6-week lows at Tokyo fix
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AUD/USD
FXstreet.com (San Francisco) - AUDUSD is recording fresh 6-week lows this Monday in Asia, weighed by a poor Chinese PMI reading over the weekend and falling commodity prices.
In an interview with Dow Jones Newswires, Australian Finance Minister Penny Wong was quoted saying that the "era of rising commodity prices is demonstrably not continuing," which added to the recent effects of declining iron ore prices on AUD.
At the time of writing, AUDUSD is inching to the downside, having hit as low as 1.0262 and is now quoted at 1.0265 vs. 1.0318 late Friday. "As long as below 1.0340, immediate resistance area, the downside is favored towards 1.0220/30, where the pair hast the 38.2% retracement of its latest daily run," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Should the bear pressure persist, Ms. Bednarik identifies support levels at 1.0225 and 1.0190, while, to the upside, resistance levels are noted at 1.0340, 1.0370 and 1.0410.
Asian shares are mixed as trading in Tokyo and Sydney gets underway. Japan 225 is up 11.59 points, or 0.1% at 8851.50. S&P/ASX 200 is down 10.71 points, or 0.3% at 4305.40.
In an interview with Dow Jones Newswires, Australian Finance Minister Penny Wong was quoted saying that the "era of rising commodity prices is demonstrably not continuing," which added to the recent effects of declining iron ore prices on AUD.
At the time of writing, AUDUSD is inching to the downside, having hit as low as 1.0262 and is now quoted at 1.0265 vs. 1.0318 late Friday. "As long as below 1.0340, immediate resistance area, the downside is favored towards 1.0220/30, where the pair hast the 38.2% retracement of its latest daily run," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Should the bear pressure persist, Ms. Bednarik identifies support levels at 1.0225 and 1.0190, while, to the upside, resistance levels are noted at 1.0340, 1.0370 and 1.0410.
Asian shares are mixed as trading in Tokyo and Sydney gets underway. Japan 225 is up 11.59 points, or 0.1% at 8851.50. S&P/ASX 200 is down 10.71 points, or 0.3% at 4305.40.
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