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14 Apr 2015
AUD/USD drops below 0.76 on S&P news
FXStreet (Mumbai) - The Australian dollar stalled its recovery mode and erased previous gains versus the US counterpart, taking AUD/USD back below 0.76 handle, after the Aussie was hit by news which crossed the wires that S&P has placed Western Australia miners’ ratings on credit watch.
AUD/USD drops from 0.7604
Currently, the AUD/USD trades flat at 0.7590, having posted day’s high at 0.7624 and day’s low at 0.7585. AUD/USD gave back previous gains and fell near lows below 0.76 barrier in a knee-jerk reaction after some of the world's biggest iron ore miners in Western Australia were placed on "credit watch negative" by Standard and Poor's (S&P), as the price of the commodity continues to plunge amid a supply glut and soft Chinese demand.
The eight iron ore producers being watched by S&P are Anglo-Australian giants BHP Billiton and Rio Tinto, Brazil's Vale, Australia's Fortescue Metals, Anglo-South African firm Anglo American, Chile's CAP, Luxembourg-based Eurasian Resources and South Africa's Exxaro Resources.
Meanwhile, the Aussie snapped its rebound and resumes its bearish tone following downbeat Chinese trade data release yesterday. Australia is heavily dependent on China for its exports.
On the macro economic front, markets now eye US retails sales numbers later in the day and China GDP data due tomorrow for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7642 (10-DMA) levels, above which gains could be extended to 0.7690 (20-DMA) levels. On the flip side, support is seen at 0.7585 (Today’s Low) levels from here it to 0.7550 (April 13 Low) levels.
AUD/USD drops from 0.7604
Currently, the AUD/USD trades flat at 0.7590, having posted day’s high at 0.7624 and day’s low at 0.7585. AUD/USD gave back previous gains and fell near lows below 0.76 barrier in a knee-jerk reaction after some of the world's biggest iron ore miners in Western Australia were placed on "credit watch negative" by Standard and Poor's (S&P), as the price of the commodity continues to plunge amid a supply glut and soft Chinese demand.
The eight iron ore producers being watched by S&P are Anglo-Australian giants BHP Billiton and Rio Tinto, Brazil's Vale, Australia's Fortescue Metals, Anglo-South African firm Anglo American, Chile's CAP, Luxembourg-based Eurasian Resources and South Africa's Exxaro Resources.
Meanwhile, the Aussie snapped its rebound and resumes its bearish tone following downbeat Chinese trade data release yesterday. Australia is heavily dependent on China for its exports.
On the macro economic front, markets now eye US retails sales numbers later in the day and China GDP data due tomorrow for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7642 (10-DMA) levels, above which gains could be extended to 0.7690 (20-DMA) levels. On the flip side, support is seen at 0.7585 (Today’s Low) levels from here it to 0.7550 (April 13 Low) levels.