AUD/USD nears 0.7600, fresh 4-month low

Softer commodities' prices take their toll on the Aussie.
China to release first-tier figures during the upcoming Asian session.

Valeria Bednarik FXStreet

The softer tone of commodities and Wall Street holding modestly up, despite slides in overseas counterparts, pushed the Aussie to fresh 4-month lows against the greenback, with the AUD/USD pair now nearing the 0.7600 figure. The pair gapped lower at the weekly opening, amid Pound's weakness but quickly filled the opening gap, and advance up to 0.7660, where selling interest rejected the pair. The upcoming Asian session will bring some critical data for the pair, as Australia will release its NAB's business confidence and conditions indexes for October, while China will release retail sales, industrial production, and some housing figures, also for October. Given the tight commercial relationship between the two countries, is quite common that China's macroeconomic figures have an effect on the Aussie.

Levels to watch

The pair's trend has been clearly bearish since the pair topped around 0.8100 early September, but entered a consolidative phase these last two weeks, amid US political jitters. Those jitters are still pending in the background, but the pair seems ready to resume its bearish trend anyway. The immediate support comes at 0.7570, where the pair bottomed a couple of times early July, followed by 0.7534, June 22nd daily low. The mentioned 0.7660 region is the immediate resistance, followed by the 0.7700 price zone, where selling interest has been aligned these last two weeks.

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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