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11 Dec 2015
AUD/USD ignores resilient copper, follows oil lower
FXStreet (Mumbai) - The AUD/USD pair ignored 1% gain in Comex Copper and turned lower, tracking the moderate weakness in the oil prices.
Comm-dollars under pressure
The weakness in the Aussie is in line with the drop seen in the commodity dollars. The CAD is down against the USD due to weakness in oil. The NZD is somewhat resilient, but is struggling to avoid losses.
The Aussie too is down against the USD even though the Comex Copper advanced almost 2%. Moreover, the falling Oil reduces the cost of production for other metals and thus weighs over commodity dollars pack.
AUD/USD Technical Levels
At 0.7225, the immediate support is seen at 0.7201 (50-DMA), under which the pair could drop to 0.7172 (Dec 9 low). On the other hand, resistance is seen at 0.7258 (hourly 50-MA) ahead of the major hurdle at 0.7284 (hourly 200-MA).
Comm-dollars under pressure
The weakness in the Aussie is in line with the drop seen in the commodity dollars. The CAD is down against the USD due to weakness in oil. The NZD is somewhat resilient, but is struggling to avoid losses.
The Aussie too is down against the USD even though the Comex Copper advanced almost 2%. Moreover, the falling Oil reduces the cost of production for other metals and thus weighs over commodity dollars pack.
AUD/USD Technical Levels
At 0.7225, the immediate support is seen at 0.7201 (50-DMA), under which the pair could drop to 0.7172 (Dec 9 low). On the other hand, resistance is seen at 0.7258 (hourly 50-MA) ahead of the major hurdle at 0.7284 (hourly 200-MA).