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AUD/USD drops to fresh 2-week lows near 0.6980

FXStreet (Mumbai) - The Australian dollar came under renewed selling pressure and fell further into losses versus its US rival in the early European trades, knocking-off AUD/USD to fresh two-week lows below 0.70 handle.

AUD/USD rejected at 0.7000

Currently, the AUD/USD pair trades -0.19% lower at 0.6989, hovering close to fresh two-week lows struck at 0.6983 some minutes ago. The Aussie keeps pushing lower as markets remain risk-averse ahead of Europe open, with the European stocks expected to open on a weaker note.

Moreover, the AUD bulls failed to benefit from a recovery seen in the commodities as well as from the gains in its OZ counterpart, after Fonterra announced upward revisions to the milk-price forecasts.

Meanwhile, markets turn their focus towards the upcoming data releases due later in the US session with the durable goods release to remain the main highlight.

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 0.6943 (Sept 10 Low) levels from here it to 0.6917 (Sept 8 Low).

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