- The Australian dollar plumbed 6-1/2-year lows at $0.6892 on Monday on global growth concerns
- The pair recovered from fresh multi-year lows on the back of upbeat construction data and edged higher to 0.6948 on the day
- But sellers at highs capped rallies and the pair struggling to hold intraday gains, commodity currencies under pressure again in the last hour
- A firm start on the Shanghai stock index following a four-day national holiday spurred a renewed wave of risk-sentiment
- Technicals point south for the Aussie, lower levels are likely, RSIs are oversold but show no divergence
- This week comes with the key jobs report for the Australian economy, an upbeat outcome may prove to support the unit
- AUD/USD is currently trading at 0.6917, with strong resistance at 0.6931 (Hourly Tenkan), breaks above could take it to 0.6950 levels
- Supports on the downside are located at 0.6909 (Session low September 4) and then at 0.6892 (Session low September 7)
R1: 0.6931 (Hourly Tenkan)
R2: 0.6948 (Session highs Sept 7)
R3: 0.7022 (Session High Sept 4)
Support Levels:
S1: 0.6909 (Session low September 4)
S2: 0.6892 (Session low September 7)
S3: 0.6855 (Daily Low Apr 1 2009)
