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AUD/USD found resistance at 0.8750

FXStreet (Edinburgh) - The upbeat momentum in the Aussie dollar seems to have run out of steam in the mid-0.8700s do far, with the AUD/USD now deflating to the 0.8720/15 band.

AUD/USD attention to the RBA

The RBA meeting tomorrow will be the main event for the AUD, although expectations for any announcement out of the extraordinary remains close to zero. In the meantime, today’s gauge of the inflation by TD Securities showed an annual increment of 2.2% in September and 0.1% inter-month. “The AUD decline extended to new 2014 lows, leaving the door open for a drop back to the 0.8450/0.8550 range (retracement and bear channel support on the weekly chart). Trend momentum is bearish on the weekly and monthly studies which, along with the bearish shorter-term studies, should mean that new lows are hard to avoid in the weeks ahead”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

AUD/USD significant levels

At the moment the pair is up 0.52% at 0.8718 with the next hurdle at 0.8770 (high Sep.29) ahead of 0.8813 (high Sep.26) and finally 0.8885 (high Sep.25). On the downside, a breach of 0.8663 (low Oct.1) would aim for 0.8660 (low Jan.24) and then 0.8500 (psychological level).

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