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2 Mar 2015
AUD/USD reaches fresh four-day lows on weak Oz data
FXStreet (Mumbai) - AUD/USD extended losses and remained near lows in the mid-Asian morning as downbeat OZ manufacturing numbers overshadowed Chinese factory turnaround backed gains, while traders await the Reserve Bank of Australia (RBA) decision tomorrow.
AUD/USD declines from 0.7790 levels
Currently, the AUD/USD trades lower by -0.42% at 0.7777 levels, having posted new lows at 0.7767 levels some minutes ago. The Aussie fell to lowest levels in four days as the local currency remains pressured after Australian manufacturing gauge fell for the third month in a row in February, supporting expectations for another interest rate cut at the RBA’s tomorrow's meeting.
The Australian Industry Group (AIG) Manufacturing Index tumbled from 49.0 in January to 45.4 last month.
Meanwhile, higher gold prices and upbeat Chinese manufacturing PMI reading also failed to cushion the losses in the pair. Traders now await the RBA cash rate decision on Tuesday, after cutting the cash rate to a record low 2.25% last month.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7817 (10-DMA) levels. On the flip side, support is seen at 0.7740 from here it to 0.7721 levels.
AUD/USD declines from 0.7790 levels
Currently, the AUD/USD trades lower by -0.42% at 0.7777 levels, having posted new lows at 0.7767 levels some minutes ago. The Aussie fell to lowest levels in four days as the local currency remains pressured after Australian manufacturing gauge fell for the third month in a row in February, supporting expectations for another interest rate cut at the RBA’s tomorrow's meeting.
The Australian Industry Group (AIG) Manufacturing Index tumbled from 49.0 in January to 45.4 last month.
Meanwhile, higher gold prices and upbeat Chinese manufacturing PMI reading also failed to cushion the losses in the pair. Traders now await the RBA cash rate decision on Tuesday, after cutting the cash rate to a record low 2.25% last month.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7800 levels, above which gains could be extended to 0.7817 (10-DMA) levels. On the flip side, support is seen at 0.7740 from here it to 0.7721 levels.