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AUD/USD chart - Trading View
AUD/USD upside fails to hold above 110-EMA. The pair retraces gains to slip below.
Concerns over spillover effects of Camsing fraud scandal and falling iron-ore prices dent Aussie.
The AUD could be under pressure if the alleged fraud spreads, leading to sharp losses in China’s equity markets.
Iron ore futures on Dalian Commodity Exchange dipped 15 Yuan to open at 895 Yuan per tonne.
The major is trading largely rangebound on the day at 0.7010 at 05:20 GMT after the previous session's slump.
Price action holds above 0.70 handle for now. Major trend has been bearish and break below 21-EMA will see further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
