FXStreet (Mumbai) – The Aussie extended weakness ahead of the US session, pushing the AUD/USD pair to a low of 0.7652.
Commodity currencies with Shanghai composite
The AUD along with other commodity currencies have taken a beating since the late Asian/early European session, tracking the sharp loss in the Chinese equity markets. The Shanghai composite index tanked 7.4%, pushing the commodity currencies lower.
With sharp losses witnessed today, the pair is more likely to finish the current week with losses. At the moment, the pair is trading at 0.7653, far lower than the last week’s close at 0.7770.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7681, followed by another hurdle at 0.7739 (hourly 200-MA). On the flip side, a break below 0.7644 (June 17 low) could see the pair test 0.76 levels.
(Market News Provided by FXstreet)