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AUD/USD positions on the left mount ahead of RBA

FXStreet (Barcelona) - AUD/USD is trading at 0.8743, down -0.20% on the day, having posted a daily high at 0.8781 and low at 0.8740.

There is no follow through with the move up towards the 0.8780 mark and the pair has trickled back on itself and now oscillates around the mid point of the 0.87 handle while we await the RBA that is due under two hours from now. With the Aussie somewhat lower from when it was at the last meeting, the RBA may well acknowledge that as moving in their favour which may give rise to further positioning on the left hand side of the quote for a test of the 0.8720 support ahead of 0.8700. “Below here, there is minor support at 0.8785 ahead of yesterdays 0.8652 low. A break of 0.8642 and the July 2013 low of 0.8632 would suggest a test of 0.8600, below which there is little to suggest that the AUD will pull up ahead of the 50% pivot of the long term rally from 0.6006/1.1082, at 0.8538”, explained Jim Langlands, analyst at FX Charts.

AUD/USD noteworthy levels

Spot is presently trading at 0.8745, and next resistance can be seen at 0.8758 (Hourly 200 SMA), 0.8763 (Daily Open), 0.8781 and 0.8787 (Weekly Classic R1). Support below can be found at 0.8742 (Hourly 100 SMA), 0.8742 (Hourly 20 EMA), 0.8734 (Daily Classic PP) and 0.8720 and 0.8700.

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