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AUD/USD trades back on 0.87 but looks bearish from here

FXStreet (Barcelona) - The AUD/USD comes with a bearish start to this week still although has managed to pullback onto the 0.87 handle. However, there is plenty to play for this week from Australia with a jam packed docket.

“House Price data for Sep will also be released, and should garner more attention given the RBA’s attempts to jawbone house prices - we pencil in +1.5% for Sep”, explained analysts at TD Securities. “Thursday should see the Trade Balance for August clock in a $500m deficit with risks of a better number on upside risks for exports while the volatile Building Approvals for August could decline by 2%”. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the decline in the pair has been quite steady ever since the pair failed to regain the 0.9400 price zone late August, with the daily chart now showing indicators in extreme oversold levels, yet so far giving no signs of an upward correction.

AUD/USD levels

Support levels: 0.8710 0.8680 0.8635

Resistance levels: 0.8770 0.8800 0.8840

USD/CHF hovering around 0.9500

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