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AUD/USD creeping closer to 0.8700 resistance

FXStreet (Moscow) - AUD/USD is getting closer to 0.8700 resistance level after having touched the low at 0.8652; the upside potential is limited during quiet Asian hours

Ripe for correction

AUD/USD finished the forth week in decline. After a short-lived attempt to climb above 0.8800 level, the pair dropped well below 0.8700 and settled at 0.8672. During the previous week the Aussie sell-off was caused mainly by external factors, such as unexpectedly strong US Non Farm Payroll report published on Friday. Ahead looks like a quiet calendar, so Aussie might have a chance for an upside correction towards the nearest resistance at 0.8700-0.8736. While AUD/USD is deeply oversold from the technical point of view, strong bullish movement is unlikely ahead of RBA’s monetary policy decision on Tuesday.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8708, with support below at 0.8608, 0.8543 and 0.8443 with resistance above at 0.873, 0.8873 and 0.8938. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8772 and the daily 20EMA bearish at 0.8910. Hourly RSI is bearish at 42.

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