17 Dec 2014
AUD/USD drops below 0.82 handle for the first time since May 2010.
FXStreet (Mumbai) - The Aussie continues its long run of losses versus the US dollar, dropping below 0.82 levels for the first time since May 2010.
The AUD/USD pair now trades at 0.8167 levels, down -0.63% on the day, close to a new 4-1/2 year low of 0.8163 hit some minutes ago. The Aussie dropped sharply to four year lows on diverging monetary-policy outlooks in the US and Australia as Federal Reserve (Fed) may raise interest rate sooner than expected. The Aussie also lost ground against the US dollar after the Reserve Bank of Australia’s (RBA) Governor Stevens stated in in an interview with the Australian Financial Review that the RBA's preferred level of exchange rate is USD 0.75 levels and that a lower level of the currency would help rebalance the economy.
The main focus for the currency pair remains the Federal Open Market Committee (FOMC) for an update on its policy stance later during the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8202 (5-day SMA) levels, above which gains could be extended to 0.8223 (20-day SMA) levels. On the flip side, support is seen at 0.8154 (Aug 2009 Low) levels, from here it to 0.81 levels.
The AUD/USD pair now trades at 0.8167 levels, down -0.63% on the day, close to a new 4-1/2 year low of 0.8163 hit some minutes ago. The Aussie dropped sharply to four year lows on diverging monetary-policy outlooks in the US and Australia as Federal Reserve (Fed) may raise interest rate sooner than expected. The Aussie also lost ground against the US dollar after the Reserve Bank of Australia’s (RBA) Governor Stevens stated in in an interview with the Australian Financial Review that the RBA's preferred level of exchange rate is USD 0.75 levels and that a lower level of the currency would help rebalance the economy.
The main focus for the currency pair remains the Federal Open Market Committee (FOMC) for an update on its policy stance later during the US session.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8202 (5-day SMA) levels, above which gains could be extended to 0.8223 (20-day SMA) levels. On the flip side, support is seen at 0.8154 (Aug 2009 Low) levels, from here it to 0.81 levels.