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12 Mar 2014
AUD/USD extends decline to fresh lows
FXStreet (Córdoba) - The AUD/USD remains under pressure, having fallen to fresh weekly lows during the European session weighed by a 5% fall in copper prices on fears of fading demand from China.
The Aussie extended losses to an 8-day low of 0.8923 in recent dealings, where the 50-day SMA acted as dynamic support. At time of writing, the pair is trading at the 0.8940 zone, recording a 0.4% loss on the day. The AUD/USD is falling for a fourth day in a row after being rejected from a 3-month high of 0.9135 Friday, with tensions between Ukraine and Russia are also weighing on appetite for risk.
AUD/USD technical levels
In terms of technical levels, if the AUD/USD breaks below 0.8923 (Mar 12 low), next supports are seen at 0.8909 (Mar 4 low) and 0.8890 (Mar 3 low). On the other hand, resistances are seen at 0.8977 (Mar 12 high), 0.8997/0.9000 (21-day SMA/psychological level) and 0.9049 (Mar 11 high).
The Aussie extended losses to an 8-day low of 0.8923 in recent dealings, where the 50-day SMA acted as dynamic support. At time of writing, the pair is trading at the 0.8940 zone, recording a 0.4% loss on the day. The AUD/USD is falling for a fourth day in a row after being rejected from a 3-month high of 0.9135 Friday, with tensions between Ukraine and Russia are also weighing on appetite for risk.
AUD/USD technical levels
In terms of technical levels, if the AUD/USD breaks below 0.8923 (Mar 12 low), next supports are seen at 0.8909 (Mar 4 low) and 0.8890 (Mar 3 low). On the other hand, resistances are seen at 0.8977 (Mar 12 high), 0.8997/0.9000 (21-day SMA/psychological level) and 0.9049 (Mar 11 high).