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AUD/USD back to 0.8750

FXStreet (Edinburgh) - The Aussie dollar is now losing the grip vs. the greenback, dragging AUD/USD back to the mid-0.8700s.

AUD/USD retreats from 0.8900

Spot is posting 2-day lows in the 0.8750/40 band, at the same time extending the correction lower from weekly peaks in the boundaries of 0.8900 the figure following a weaker tone from the US dollar. Today’s poor data from Home Loans (-0.9% in August) added to the recent disappointment figures from the Australian labour market, putting further selling pressure on the AUD. Quek Ser Leang, Market Strategist at UOB Group, suggested, “The sharp reversal from the high appears incomplete but any further down-move is likely limited to the strong support at 0.8730/35. Only a move back above 0.8805 would indicate a recovery towards 0.8860 has started”.

AUD/USD levels to watch

As of writing the pair is losing 0.39% at 0.8748 facing the immediate support at 0.8663 (low Oct.1) ahead of 0.8660 (low Jan.24) and then 0.8500 (psychological level). On the flip side, a break above 0.8770 (high Sep.29) would open the door to 0.8813 (high Sep.26) and finally 0.8885 (high Sep.25).

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