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AUD/USD on retreat, moving close to 0.9030 support

FXStreet (Moscow) - AUD/USD climbed to the current Asian high at 0.9054, but the upside has stalled and the pair is consolidating around 0.9036 level, a couple of pips higher on the day.

Aussie is a technical play now

AUD/USD touched the ground below psychologically important 0.9000 level, but managed to finish the day above this pivot at 0.9030. RBA minutes contained no surprises, though the central bank expressed concerns about housing bubble, which pushed AUD modesty higher. RBA’s government Assistant Kent sounded a bit dovish as he favored Aussie slump, but investors turned a deaf ear to his words. Now that the key risk events for Aussie are behind us, investors’ focus may shift onto US Produce Price Index that is expected to show a slight increase towards 1.8% y/y in August. This is not a report of high market moving potential, but stronger PPI growth might support USD strength ahead of FOMC meeting later this week. Technical factors could play a bigger role today as a failed attempt to settle below 0.9000 on daily basis might suggest that some consolidation phase is in place.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9021, with support below at 0.8991, 0.8954 and 0.8924 with resistance above at 0.9058, 0.9088 and 0.9125. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.9210 and the daily 20EMA bearish at 0.9235. Hourly RSI is bullish at 56.

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