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AUD/USD enjoying short respite, off multi-month lows at 0.8938

FXStreet (Moscow) - AUD/USD has recovered from new multi-month lows reached early in Asia; the pair is trading at 0.8968 after having touched 0.8938 low.

Short respite

Aussie lost more than 100 pips in one day on Wednesday due to USD rally across the board. As sell-off took the pair deeply below 0.9000 level longer-term technical picture suggests that the bearish trend became even stronger. Weekly close below 0.9000 would signal that more losses are on cards for Aussie. Though on the intraday basis AUD/USD is trying to develop upside correction on the back of Chinese QE attempts. PCOB injects CNY8 bn this week against CNY5bn during the previous week. Moreover, Australian government commodity forecaster suggested that iron price fall is over, which was also Aussie supportive. From the technical point of view, the intraday upside is likely to be capped by 0.8974 (Asian high), if this level is broken, 0.9000 will come into sight. The downside may be limited by Asian low at 0.8938.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9003, with support below at 0.8909, 0.8857 and 0.8763 with resistance above at 0.9143, 0.9191 and 0.9268. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.9135 and the daily 20EMA bearish at 0.9197. Hourly RSI is bearish at 33.

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