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AUD/USD: Bulls exhausted near 0.7025, flirting with 0.70

FXStreet (Mumbai) - The AUD/USD pair failed to extend beyond 0.7020-25 region and reverted to two-week lows levels below 0.70 handle in mid-Asia, as falling major Asian indices spooked markets, paving way for risk-off sentiment across the financial markets.

AUD/USD back below 0.70

Currently, the AUD/USD pair trades -0.11% lower at 0.6995, heading towards fresh two-week lows reached at 0.6984 on Wednesday. The Aussie wiped-out gains and resumed its ongoing downward spiral, despite higher commodity prices, as risk-aversion seeps back into the market amid increasing uncertainties over global economic outlook, with China slowdown fears – the main concern.

On Wednesday, the Aussie fell to its weakest level in more than two weeks at 0.6984, with broad losses hitting 'commodity' currencies, following a weaker-than-expected manufacturing PMI reports across the globe.

Meanwhile, markets turn their focus towards the upcoming data releases due later in the US session as the Asian calendar remains data-dry, with nothing relevant on the cards.

AUD/USD Levels to watch

The pair has an immediate resistance at 0.7042 (Sept 8 High) levels, above which gains could be extended to 0.7096 (Sept 23 High) levels. On the flip side, support is seen at 0.6984 (Sept 23 Low) levels from here it to 0.6943 (Sept 10 Low).

Watch steel prices for next Aussie moves - BAML

It’s not China neither the Fed, the key driver for the Australian dollar will be development in steel prices, the research team at BAML noted on Thursday.
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NZD: All set to slide again, downtrend in play - Westpac

Imre Speizer, Senior Markets Strategist at Westpac, suggests that we remain bearish on the NZD and target a break below 0.6235 this week which would take it to a fresh six-year low (ignoring the blip on 24 Aug) and resume the downtrend.
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