FXStreet (Barcelona) – The Technical Strategy Team at SEB notes that the drop in Iron Ore prices might is weighing down the Aussie, with technicals suggesting that AUD/USD might be targeting 0.7514, as shared by eFXnews.
Key Quotes
“There is a bearish ‘Triangle” breakout in the making. If confirmed by a low and bearish looking session close it would target 0.7514 which then would be below a 0.7598 support and Apr lows at 0.7553/34. The recent negative move in Iron Ore prices (red line LHS @ 57.25) should also add weight on the already burdened aussie. Current intraday stretches are located at 0.7665 & 0.7820.”
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