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AUD/USD may have another run above 0.88

FXStreet (Moscow) - AUD/USD found a short-term bottom at 0.8751 in late Asia, and managed to retreat in European morning, currently trading at 0.8797.

Good bounce

As no economic data on the docket in Europe, the pair is moving solely on the market sentiment and technical factors. The support area at 0.8750 became a good platform to bounce back closer to 0.88. Broad-based US Dollar weakness helps the pair move higher, as Dollar bulls getting nervous before the looming FOMC minutes. It means the break above 0.88 resistance is not ruled out. However, large sellers’ interest is noted around 0.8820/30 area, and it may become a serious barrier for the short-term.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.8795, with support below at 0.8751, 0.8685 and 0.8642 with resistance above at 0.8860, 0.8903 and 0.8969. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.8751 and the daily 20EMA bearish at 0.8889. Hourly RSI is bearish at 50.

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