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Forex News: Australian Dollar Drops Amid Risk Aversion

Australian Dollar Drops Amid Risk Aversion

07/11/2022 - 06:51:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its most major counterparts in the European session on Monday, as a rise in COVID-19 cases in China and the energy crisis in Europe dampened risk sentiment.

China's commercial hub of Shanghai is bracing for another mass testing campaign after the discovery of a new subvariant Omicron BA.5.2.1. This has intensified the lockdown worries in the city.

Russia stopped gas exports through the Nord Stream gas pipeline, heightening a gas crisis in Europe.

Investors fear that Russia may extend the scheduled maintenance period in an attempt to destabilize Europe.

Commodity prices fell amid concerns over a global recession and the implementation of fresh COVID-19 curbs in multiple Chinese cities.

The aussie dropped to 4-day lows of 0.6782 against the greenback and 1.1032 against the kiwi, reversing from its early highs of 0.6855 and 1.1076, respectively. The aussie is likely to find support around 0.64 against the greenback and 1.07 against the kiwi.

The aussie was down against the loonie, at a 6-day low of 0.8823. On the downside, 0.86 is possibly seen as its next support level.

The aussie retreated to 92.92 against the yen, from a 6-day high of 93.69 seen in the previous session. The next likely support for the currency is seen around the 90.00 level.

Against the euro, the aussie remained lower, with the pair trading at 1.4888. The aussie is seen locating support around the 1.53 mark.

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