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AUD/USD on mend, but still far below 0.8900 resistance


FXStreet (Moscow) - AUD/USD is trading at 0.8867 with nearly 30 pips gain on the day after having opened at 0.8838; the current asian range is limited by 0.8838 on the downside and 0.8869 on the upside

Where are buyers?

AUD/USD dropped to a fresh multi-month lows at 0.8831, though Asian session started with the upside correction triggered by reaction to RBA's release of its
financial stability review. The whole reaction was muted, but, considering deeply oversold state of the Aussie, traders used their opportunity to take profit on short Aussie positions. From the technical point of view, AUD/USD perspectives are mired as long as the pair trades below 0.8934/40 resistance. Once AUD/USD gets above this area, a more pronounced upside correction might be on cards. Though pair needs to overcome 0.8890 and 0.8900 resistance levels before the above said pivot comes into sight. On the downside the support is seen at Tuesday’s low of 0.8831.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8867, with support below at 0.8805, 0.8769 and 0.8707 with resistance above at 0.8903, 0.8965 and 0.9003. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.9099 and the daily 20EMA bearish at 0.9126. Hourly RSI is bullish at 51.

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