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AUD/USD breaks above 0.9300

FXStreet (Edinburgh) - A bout of risk appetite is now pushing the AUD/USD back above the 0.9300 handle on Wednesday.

AUD/USD supported at 0.9270

After hitting multi-day lows in the 0.9260 area on Tuesday, spot is picking up pace and recovering the 0.9300 mark and beyond today amidst a better tone from the risk associated universe. Data-wise, the Australian economy expanded at an annual pace of 3.1% during the second quarter, easing from the 3.5% in the first three months of the year. Inter-quarter, the GDP grew 0.5%, surpassing estimates. Daniel Beane, Analyst at ANZ, observed, “we re-emphasise that the external environment is the key driver of the AUD in this cycle. Here, our expectation is that the dynamics around the tightening cycle in the US will play a central role in the depreciation of the AUD, while the success of the policy induced deleveraging of the Chinese economy will also be key”.

AUD/USD key levels

The pair is now up 0.64% at 0.9333 with the next resistance at 0.9352 (high Sep.1) followed by 0.9370 (trendline) and then 0.9400 (psychological level). On the downside, a breach of 0.9250 (trendline) would aim for 0.9235 (low Aug.21) and finally 0.9229 (low Jun.3).

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