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AUD/USD holds above year low

FXStreet (Córdoba) - Australian dollar is staging a minor recovery after underperforming during the Asian session and hitting a fresh 8-month low weighed by disappointing Australian data.

AUD/USD bottomed out at 0.8663, just 4 pips away from the year low and climbed back above the 0.87 mark during the European trade. 0.8659 was the January three-and-a-half year low.

However, the subsequent bounce has been capped by the 0.8730 zone, confining the pair to a phase of consolidation. At time of writing, the pair is trading at 0.8715, still 0.34% below its opening price.

AUD/USD levels to watch


In terms of technical levels, AUD/USD could find immediate resistances at 0.8750 (intraday high), 0.8766 (Sept 30 high) and 0.8800 (psychological level). On the other hand, if AUD falls below 0.8659, next supports could be found at 0.8632 (Jul 19 2010 low) and 0.8600 (psychological level).

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