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AUD/USD supported around 0.8930

FXStreet (Edinburgh) - The Aussie dollar is extending the weekly decline on Friday, dragging the AUD/USD to fresh multi-month lows around 0.8930.

AUD/USD weaker following the USD

Spot is correcting lower from September peaks just above 0.9400 the figure following the increasing bid tone in the USD. Recent disappointing data releases from the Chinese economy have also collaborated with the downside, as fears regarding a slowdown in the Asian giant remain alive. “Support around 0.8890/00 seems likely to be tested and indeed the Aussie is still 3 cents above its 2014 lows so support levels are not strong. We opt for a downward bias on the week but expect stabilization around 0.90 multi-week”, noted Sean Callow, Analyst at Westpac.

AUD/USD levels to consider

The pair is now losing 0.40% at 0.8953 with the immediate support at 0.8927 (low Sep.18) ahead of 0.8923 (low Mar.12) and then 0.8909 (low Mar.4). On the upside, a breakout of 0.8997 (high Sep.18) would open the door to 0.9000 (psychological mark) and finally 0.9106 (high Sep.17).

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