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RBA signals AUD is high yet greenback unwinding

FXStreet (Barcelona) - AUD/USD is trading at 0.8811, up 0.57% on the day, having posted a daily high at 0.8836 and low at 0.8727.

AUD/USD has hit supply in North America after a series of runs on the greenback as we progress through the week ahead of the FOMC minutes and labour data from Australia as the most key events on the calendar to come for the pair. Meanwhile, overnight, the RBA did little than stick to their wait and see strategy and left rates on hold reiterating that 'the most prudent course is likely to be a period of stability in interest rates', but didn’t attribute the decline in the Aussie to anything fundamental other than the recent strength in the greenback. The RBA explained the currency remains high by historical standards and would like it lower. However, there are greater forces at work resulting in a lower US dollar across the board.

AUD/USD noteworthy levels

Current price is 0.8813, with resistance ahead at 0.8815 (Daily Classic R1), 0.8836, 0.8868 (Daily Classic R2), and 0.8896 (Daily 20 SMA). Next support to the downside can be found at 0.8803, 0.8787 (Weekly Classic R1), and 0.8763.

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