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AUD/USD steady on the bid ahead of RBA

FXStreet (Barcelona) - AUD/USD is trading at 0.8765, up 0.03% on the day, having posted a daily high at 0.8776 and low at 0.8758.

AUD/USD is holding steady ahead of the major risk event coming being the RBA interest rate decision. However, as major as it is, it is highly unlikely that we are gong to see any fireworks and most of the movement in the currency has probably happened over night with a lift in commodity prices and investors taking some profits off the table in the greenback. However, the statement will be scrutinised for any shift in language from the RBA’s stance in respect of an on-going wait and see model. The labor report further down the road is likely to draw us in keeping in mind August’s impressive employment growth figures. We wait to see how much spare capacity there is within the Australian economy. Meanwhile, we had the Australian AiG construction index and that came at 9-yr high. There was little movement in the currency.

AUD/USD noteworthy levels

With spot trading at 0.8766, we can see next resistance ahead at 0.8773 (Daily Classic R1), 0.8786 (Yesterday's High), 0.8787 (Weekly Classic R1) and 0.8803 (Weekly High). Support below can be found at 0.8760 (Hourly 200 SMA), 0.8741 (Hourly 100 SMA) and 0.8735 (Hourly 20 EMA).

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