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AUD/USD bouncing back against the grain

FXStreet (Barcelona) - AUD/USD is trading at 0.8730, up 0.66% on the day, having posted a daily high at 0.8746 and low at 0.8653.

AUD/USD has enjoyed some air space back onto the 0.87 handle at the start of the week. With some decent profits in the greenback, traders cashed in ahead of what may have been a further decent towards levels not seen since 2010 had key 0.8660 not held. Looking ahead, we do have the RBA coming up but without there being the expectations of changes from the central bank for the time being markets attention will focus more on the FOMC minutes, where the discussions on the path for monetary policy tightening could also provide some important context on the dot plot, as analysts at TD Securities told us and explained particularly as the markets continue to discount the median path as “overly aggressive”. When the dust settles there we will then turn to the Australian employment rate, which will be key in respect of the RBA’s next meeting as a continued improvement will deserve attention to detail in respect of a possible shift in the RBA’s “wait for the time being” approach.

AUD/USD noteworthy levels

Spot is presently trading at 0.8730, and next resistance can be seen at 0.8740 (Hourly 100 SMA), 0.8764 (Hourly 200 SMA), 0.8773 (Daily Classic R1) and 0.8787 (Weekly Classic R1). Support below can be found at 0.8717 (Hourly 20 EMA0.8708 (Daily Classic PP), 0.8698 and 0.8676 (Daily Open).

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