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AUD/USD scaling back gains; back below 0.92

FXStreet (Moscow) - AUD/USD retraced from Asian high at 0.9217 and returned to the range below 0.92 pivot as job report effect is fading away.

Joy tinged with gloom

AUD/USD staged a good recovery today as Australian employment report was impressive enough to trigger the upside correction from deeply oversold levels. Alas, the news has already lost its luster as investors start to realize that these numbers could hardly change RBA’s monetary policy state. Australian economy faces a lot of headwinds, including lower commodity prices and signs of Chinese economy cooling down. Thus we need to see more evidence that the economy is on mend, to hope for a sustained AUD recovery. Later during the day AUD/USD may receive another upside boost as European players will join the game, though for a brighter short-term outlook, the pair needs to return above 0.92 and overcome Asian high at 0.9217. Otherwise, the downside pressure may resume.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9162, with support below at 0.9106, 0.9056, and 0.9000 with resistance above at 0.9212, 0.9268 and 0.9318. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.9295 and the daily 20EMA bearish at 0.9298. Hourly RSI is bullish at 54.

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