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AUD/USD bulls hesitant on approach to 0.8950 resistance

FXStreet (Moscow) - AUD/USD recovered towards 0.8946 level after having moved to current Asian low at 0.8922; Aussie is gaining ground as USD is sold off across the board early on Monday.

The respite was really short

AUD/USD accelerated to the downside and finished Friday with about 60-pips loss at new multi-month lows of 0.8928. Weekly charts look gloomy as the pair lived through the second deeply bearish week in a row and lost more than 430 pips in a fortnight. This is not something to be sniffed at. From the technical point of view, AUD/USD retains a heave bearish tone as long as it trades below 0.90 pivot. High-yielders are facing hard times as US yield curve steepens, supporting USD growth across the board. From the fundamental point of view, don’t miss RBA Financial Stability Review and Stevens speech on Thursday. On the intraday basis, the key technical levels are spotted at 0.8950/60 followed by 0.8185 on the upside and on 0.8920 (Friday’s low) on the downside. Heavy bids located there are likely to stop the bears for the time being

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8950, with support below at 0.8896, 0.8866 and 0.8812 with resistance above at 0.8980, 0.9034 and 0.9064. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.9055 and the daily 20EMA bearish at 0.9153. Hourly RSI is bearish at 43.

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