Aussie trades at 6 yr low on weaker commodity prices,targets0.73
AUD/USD is trading weak and declined till 0.73905 as the collapse in Chinese equities drove fears about country’s economy.
Copper prices has fallen to 2009 lows yesterday on concerns over demand from China, world biggest consumer Commodity currencies especially AUD which is proxy for Chinese investment has fallen to six year low.
Technically intraday bullishness can be seen only above 0.7435. On the downside any break below 0.7390 will drag the pair further down till 0.7367/0.7340/0.7300.
It is good to sell on rallies 0.7398 with SL around 0.7435 for the TP of 0.7345/0.7300
Copper prices has fallen to 2009 lows yesterday on concerns over demand from China, world biggest consumer Commodity currencies especially AUD which is proxy for Chinese investment has fallen to six year low.
Technically intraday bullishness can be seen only above 0.7435. On the downside any break below 0.7390 will drag the pair further down till 0.7367/0.7340/0.7300.
It is good to sell on rallies 0.7398 with SL around 0.7435 for the TP of 0.7345/0.7300
