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AUD/USD keeps close to new multi-month lows at 0.8772

FXStreet (Moscow) - AUD/USD reversed from Asian high at 0.8813 and set a new intraday low at 0.8772 before settling around 0.8783, marginally below the opening level registered at 0.8787.

Aussie is hopeless

AUD/USD lost about 100 pips in one singe day. While the downside was caused mainly by USD rise across the board on FED’s rate hike speculations, the crash below 0.8800 pivot increased the bearish pressure on the pair and darkened the technical picture. Aussie is heading to another dramatically bearish weekly close amid slower Chinese growth and monetary policy divergence theme. Later during the day USA publishes its 2Q GDP that is expected to show substantial improvements against 1Q. Markets has been very sensitive to USD-positive news, thus, this report might trigger another USD rally. From the technical point of view, the nearest support for Aussie comes at 0.8765 and at 0.8750. Bids, located there may cap the downside for a while. The upside is likely to be limited by 0.8813 (Asian high).

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8816, with support below at 0.8745, 0.8702 and 0.8631 with resistance above at 0.8859, 0.8930 and 0.8973. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8933 and the daily 20EMA bearish at 0.9051. Hourly RSI is bearish at 34.

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