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AUD/USD upside correction over; back below 0.8800

FXStreet (Moscow) - AUD/USD consolidating at 0.8790 after having reached new weekly high at 0.8815 in Asia; trading activity is limited ahead of key risk events of the week

Bulls are tired

Aussie bulls lost the initiative at the start of the European session. The pair retraced from Asian high at 0.8815 and settled at 0.8795. Looks like the short-term correction is over as USD is growing across the board again. While the further AUD/USD movements might be limited ahead of Australian performance of Services Index and USD labour market tomorrow, potential volatility caused by ECB decision, might have a knock on effect on Aussie. If the pair manages to finish the day above 0.8800, the upside correction might be extended towards 0.8850/60

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8717, with support below at 0.8683, 0.8628 and 0.8594 with resistance above at 0.8806 and 0.8861. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.8800 and the daily 20EMA bearish at 0.8949. Hourly RSI is bullish at 60.

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