Commodities are lower this morning and pressures the AUDUSD
The weaker employment today has led to a decline in the AUDUSD as commodities fall and stocks fall.
The pair remains at the top end of the range which has seen the price move up from a low of 0.6006 in October 2008, to the high of 0.8261 in early June 2009. The price increase was in response to higher commodity prices and a belief of a rebound in the emerging economies which have been buyers of the Australian commodities.
Today with commodities being down the AUDUSD has come under pressure. The pair has support at the 0.7928 level which is the 61.8% retracement of the move up from the June 23rd low to the high reached on Tuesday. It also corresponds with some lows reached on June 24 and June 25th (0.7932 and 0.7931). Look for support against the level, but should the level be broken I would expect another move down.
Loading ...
No Responses to “Commodities are lower this morning and pressures the AUDUSD”
Add a comment