AUD/USD downside opening up below key 0.70 handle

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.6983 with a high of 0.6991 and a low of 0.6981.

AUD/USD has moved in tandem to the risk off mood in markets while equities have been struggling and the commodity market, specifically in the mining sector has been weighing on AUD/USD. Glencore plunged 30% overnight when Investec analysts raised fears about lower metal prices and their heavy debts.

We are light on data for this Asian session, but the data will pick up with Chinese non/manufacturing and service PMI’s this week ahead of the Nonfarm Payrolls showdown at the end of the week.

AUD/USD levels

Technically, the psychological 0.70 level has been taken out again opening up 0.6940 and then 0.6905 recent low. The main target to the downside comes as the 0.6774 2004 low. Meanwhile, 0.7200 would alleviate immediate downside pressures.
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Source:: FX Street