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AUD/USD steady and threatens 0.8720

FXStreet (Guatemala) - AUD/USD is trading at 0.8719, up 0.02% on the day, having posted a daily high at 0.8724 and low at 0.8715.

AUD/USD is not finding any follow through from bids on 0.8720 and remains in a tight spot as we are progressing through the Asian session with a few events on the horizon for the economy in Australia and China. We will see how much the private sector is borrowing and indicators of how the economic health in the Chinese manufacturing sector is. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the strong bearish tone prevails: “Price stands below a bearish 20 SMA as indicators head lower in negative territory after correcting oversold readings: a break below 0.8680 should trigger further slides in the pair eyeing 0.8630/40 area up next”.

AUD/USD levels

Support levels: 0.8710 0.8680 0.8635

Resistance levels: o.8720 0.8770 0.8800 0.8840

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