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Aussie lower due to fall in commodity prices

Monday, Nov 23 2015
Though there were no major data releases from Australia this morning, Aussie fell due to fall in commodity prices. Gold followed the global commodities decline in the Asian session on Monday morning. Gold tumbled $5.90 to trade at 1070.40 while silver fell 96 points to 14.00 and could break below the support level and fall in the $13 level. Platinum gave up $4.75 to 850.65. Gold extended losses on Monday, falling towards a near-six-year low reached last week, pressured by a robust dollar and upbeat comments from Federal Reserve officials on a possible US rate hike next month. 
 
Last week copper prices were also weak but a got a bump when Chinese reducing some of its lending rates. The commodity has been hit by several headwinds including a strong US dollar, weak crude prices and rising supply from industry heavyweights. However, it is demand that's at the forefront of investors' minds at the moment as China transitions away from an export-led economy. Just last week the China Iron and Steel Association warned steel supply in the country may drop 2.9 per cent next year, hampering demand for iron ore and casting fresh doubt on forecasts from mining giants Rio Tinto and BHP Billiton.
 
Aussie is currently being traded around 0.7170 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7220 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
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