FXStreet (Mumbai) – The AUD extended losses across the board in the early European session, pushing the AUD/USD pair below 0.77 levels on risk aversion in Chinese markets.
Hovers near 5-WMA
The spot fell to a low of 0.7695 before recovering slightly to trade around 0.7704 (5-WMA). The Aussie came under pressure as a sharp fall in the Chinese stocks witnessed today triggered concerns over growth prospects and its impact on the commodity currencies.
Meanwhile, Greek impasse also weighed over the riskier currencies. Ahead in the day, the Chinese equities, the Greek issue could continue to influence the pair. The US calendar is thin with only Michigan consumer sentiment scheduled for release.
AUD/USD Technical Levels
The immediate support is seen at 0.7678 (June 23 low), under which the pair could target 0.7644 (June 17 low). On the other hand, a break above 0.7704 (5-WMA) could push the pair higher to 0.7739 (10-DMA).
(Market News Provided by FXstreet)