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AUD/USD holding up ahead of bears target

FXStreet (Barcelona) - AUD/USD is trading at 0.8783, down -0.66% on the day, having posted a daily high at 0.8901 and low at 0.8765.

AUD/USD has found a base and is ticking through 0.8780 at time of writing, while the technical picture is giving us a short-term negative outlook. Failure here opens up where the rally took off from yesterday and that’s 0.8730. There were unemployment data releases from the US that were positive and beating expectations in the US shift but generally it was a day of further volatility and the greenback sent the other way. AUD bulls may have missed an opportunity while the pressure of the poor domestic jobs data has held AUD back from an otherwise bigger rally. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explains that the 4 hours chart shows latest candle opening below 20 SMA while indicators are about to cross their midlines, “giving little hopes of an upward recovery”.

AUD/USD noteworthy levels

Spot is presently trading at 0.8783, and next resistance can be seen at 0.8787 (Weekly Classic R1), 0.8809 (Daily Classic PP), 0.8819 (Hourly 20 EMA) and 0.8841. Next support to the downside can be found at 0.8777 (Hourly 100 SMA), 0.8766 (Daily Classic S1), 0.8762 (Hourly 200 SMA) and 0.8734.

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