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Aussie slightly down in a quite morning trade

Wednesday, Jul 29 2015
There were no major data releases from Australia this morning, with Aussie easing down, as traders are still focused on gold and iron ore prices. Commodity prices have fallen, many mines have become unprofitable but have remained in production because the miners have to pay for rail and shipping whether they use the service or not.
 
As these commitments reach their end, miners will take the opportunity to reduce production, which will support their business survival and might also support prices going forward. The miners are looking to governments at state and federal levels to recognise the contribution the resources sector makes to the country’s prosperity and the scant acknowledgement the community has made about the benefits it receives.
 
Aussie is currently being traded few points above 0.7320 level. Pair is likely to find support around 0.7270 level and resistance above 0.7360 area. Later today, in the US session, Pending Home Sales figures are scheduled for a release as well as Fed interest rate decision and the following statement.
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