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AUD/USD supported at 0.8750

FXStreet (Edinburgh) - The decline in the Aussie dollar seems to have found some support around 0.8750 today, with the AUD/USD now testing the 0.8770/80 region.

AUD/USD softer on USD, China, Kiwi

Spot is extending the sharp sell-off from September peaks around 0.9410 to today’s troughs around the mid-0.8700s. The continuation of the USD strength plus some mixed data from the Chinese economy and the increasing bearish tone from the NZD keep weighing on the AUD and threaten to drag spot to test ytd lows around 0.8650 (January). “The weakness in NZD dragged AUD down to a low of 0.8792. While the down-move appears incomplete, oversold condition could lead to a recovery first before further weakness is likely. Allow for a rebound towards 0.8835 but as long as 0.8860 is intact, expect a retest of the overnight low near 0.8790”, warned Quek Ser Leang, Market Strategist at UOB Group.

AUD/USD key levels

As of writing the pair is losing 0.15% at 0.8774 with the immediate support at 0.8730 (low Feb.4) ahead of 0.8695 (low Jan.31) and then 0.8678 (low Jan.27). On the flip side, a breakout of 0.8885 (high Sep.25) would expose 0.8897 (high Sep.24) and finally 0.8927 (high Sep.23).

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