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4 Sep 2015
AUD/USD stuck near multi-year lows sub 0.7000, NFP eyed
FXStreet (Mumbai) - The Aussie keeps its downside bias intact in the mid-European session, with AUD/USD wavering below 0.70 barrier as currency markets seem to have come to a stand still awaiting the much-hyped US payrolls numbers.
AUD/USD: Weakness persists ahead of NFP
Currently, the AUD/USD pair trades -0.48% lower at 6985, struggling to extend above 0.70 handle. The AUD/USD pair mires near multi-year lows and awaits the upcoming US labour market report to provide further momentum on the pair.
The Aussie remains under tremendous bearish pressure on the back of a recent run of weak Australian fundamentals, which has led many currency strategists to revise their year-end forecasts for the embattled currency.
Westpac strategist Sean Callow recently noted, “It is hard to be too upbeat on AUD/USD in the wake of fresh lows since Apr 2009. Domestic data flow has been somewhat soft but not alarming. Rates markets are already pricing a rate cut by Feb."
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7022 (Today’s High) levels, above which gains could be extended to 0.7065 (Sept 3 High). On the flip side, support is seen at 0.6959 (Today’s Low) levels from here it to 0.6920 (early 2009 levels).
AUD/USD: Weakness persists ahead of NFP
Currently, the AUD/USD pair trades -0.48% lower at 6985, struggling to extend above 0.70 handle. The AUD/USD pair mires near multi-year lows and awaits the upcoming US labour market report to provide further momentum on the pair.
The Aussie remains under tremendous bearish pressure on the back of a recent run of weak Australian fundamentals, which has led many currency strategists to revise their year-end forecasts for the embattled currency.
Westpac strategist Sean Callow recently noted, “It is hard to be too upbeat on AUD/USD in the wake of fresh lows since Apr 2009. Domestic data flow has been somewhat soft but not alarming. Rates markets are already pricing a rate cut by Feb."
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7022 (Today’s High) levels, above which gains could be extended to 0.7065 (Sept 3 High). On the flip side, support is seen at 0.6959 (Today’s Low) levels from here it to 0.6920 (early 2009 levels).