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AUD/USD recovers from 4-year lows

FXStreet (Córdoba) - AUD/USD has recovered some ground Monday, as the week started on an optimistic note following solid US nonfarm payrolls on Friday.

Australian dollar managed to regain the 0.87 mark after falling to its lowest level in more than four years at 0.8646, supported by stronger equities and a USD correction. AUD/USD moved away from recent lows and reached a daily high of 0.8736 before the 100-hour SMA capped the upside.

At time of writing, AUD/USD is trading at the 0.8725 area, up 0.59% on the day, as investors await the Reserve Bank of Australia rate decision due Tuesday at 03:30 GMT.

AUD/USD levels to watch

In terms of technical levels, AUD/USD could find immediate resistances at 0.8766 (10-day SMA), 0.8800/05 (psychological level/Oct 3 high) and 0.8826 (Oct 2 high). On the flip side, supports could be found at 0.8642 (4-year low Oct 3), 0.8632 (Jul 19 2010 low) and 0.8621 (Jul 8 2010 low).

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