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AUD/USD up to test the mid point of 0.87 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.8730, down -0.18% on the day, having posted a daily high at 0.8751 and low at 0.8663.

Help by a series of poorer US data today, the AUD/USD has continued to climb back through the levels that were taken out quite dramatically over night in Asia and has scored territory back to test the mid point of of the handle with an easy drift up through the pivot. FX strategists at TD Securities reminded us of that Australian Retail Sales for August that rose 0.1%, below the 0.4% rise the street was expecting. “The outcome did come as a surprise given the bounce in consumer sentiment seen in August and the run up in house prices that should have fuelled the pick up in spending. Although Consumers remain content to eat out driving another pick up in spending at cafés (+0.2%), today’s softer headline was driven by the 2.9% decline in Department store sales. Despite the softer outcome, Retail Sales remain well above trend, up 5.1% on the year”.

AUD/USD hourly levels

Spot is presently trading at 0.8731, and next resistance can be seen at 0.8737 (Daily Classic PP), 0.8745 (Hourly 100 SMA), 0.8746, 0.8751 and 0.8770. Next support to the downside can be found at 0.8718, 0.8712 (Hourly 20 EMA), 0.8704 (Daily Classic S1) and 0.8698.

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