Australian Dollar is maintaining negative tone against US Dollar on Tuesday amid deteriorated risk sentiment stemming from global growth concerns. The AUD/USD pair is now trading around two-week lows near 0.7130 area.
The pair is extending decline from above 0.7200 level because of Chinese weakest economic growth since 1990 depicted by its macro data that dented the risk sentiment.
Meanwhile, recent optimism around US-China trade optimism could not impress the risk sentiment but helped to protect further decline.
Technical Levels to Watch
Immediate support lies at 0.7115 ahead of 0.7065 and then 0.7000. On the flip side, immediate resistance is pegged at 0.7155 ahead of 0.7200 handle and then 0.7240.
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