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AUD/USD conquers 0.8800

FXStreet (Edinburgh) - The upbeat tone persists around the Aussie dollar on Tuesday, pushing AUD/USD beyond the 0.8800 handle.

AUD/USD in multi-day highs

Spot is trading in levels last seen in mid-September above the 0.8800 mark, prolonging the bounce off fresh multi-year lows around 0.8640.

AUD/USD boosted by risk, RBA?

The better tone in the risk sentiment coupled with a neutral-to-dovish stance by the RBA in today’s meeting are pushing the pair back above 0.8800 the figure. In the upcoming session, the current upside will be put to the test, as Chinese services PMI is due tomorrow ahead of critical inflation and labour market releases in Oz on Friday. “The market has eroded the accelerated downtrend and attention reverts to Fibonacci resistance at .8830 (the 23.6% retracement). At this point we are unable to rule out a deeper retracement to the .8933/38.2% retracement of the last leg down, but would look for it to struggle here”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

AUD/USD key levels

At the moment the pair is up 0.56% at 0.8812 with the next resistance at 0.8885 (high Sep.25) ahead of 0.8897 (high Sep.24). On the flip side, a breakdown of 0.8663 (low Oct.1) would open the door to 0.8660 (low Jan.24).

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