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AUD/USD back above 0.9000

FXStreet (Edinburgh) - The Aussie dollar is now extending the bounce off 0.8990 and is pushing the AUD/USD back to levels beyond the 0.9000 psychological mark.

AUD/USD down from 0.9050

Yesterday’s peaks in the mid-0.90s were ephemeral, as spot lacked the strength to advance any further, retreating to test Monday’s troughs in the 0.8990 region overnight. The RBA minutes were centered on the housing sector, hampering as a consequence the likelihood of further rate cuts. According to Shaun Osborne, Chief FX Strategist at TD Securities, “AUD losses are starting to show signs of slowing on the short-term charts and there are indications that the move has become somewhat over-extended. But trend momentum signals are aligned bearishly across a range of short, medium, long and ultra-long time frames now which will make a sustained recovery in the AUD hard to achieve”.

AUD/USD levels to consider

As of writing the pair is retreating 0.10% at 0.9019 with the next support at 0.9000 (psychological level) followed by 0.8984 (low Sep.15) and finally 0.8923 (low Mar.12). On the flip side, a surpass of 0.9050 (high Sep.15) would open the door to 0.9109 (high Sep.12) and then 0.9181 (200-d MA).

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