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AUD/USD contained by 0.9250, for now

FXStreet (Córdoba) - Following an over 100-pip plunge, the Australian dollar found support and pare losses against the greenback as the 0.9250 support area proved to be a tough one.

AUD/USD posted its biggest daily decline in 2 months Monday when the US dollar strengthened broadly, and extended losses weighed by disappointing Australian confidence data. AUD/USD hit a 3-week low of 0.9250 but managed to recover slightly at the beginning of the European session to currently trade at 0.9265, still 0.16% below its opening price.

A San Francisco Fed study released yesterday suggested suggested that low volatility across financial markets may signal investors are underestimating how quickly US interest rates will rise, propelling the USD across the board during the Asian session.

AUD/USD levels to watch

As for technical levels, AUD/USD could find immediate supports at 0.9250 (Sept 9 low), 0.9235 (Aug 21 low) and 0.9210 (May 29 low). On the other hand, resistances are seen at 0.9287 (Sept 9 high), 0.9312 (21-day SMA) and 0.9335 (100-day SMA).

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