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AUD/USD flirting with tops near 0.8740

FXStreet (Edinburgh) - The Aussie dollar extends its bullish momentum on Monday, pushing AUD/USD back to test session peaks around 0.8740.

AUD/USD backed by Chinese data

Chinese auspicious results from the trade balance, showing a significant increment in both exports and imports, is acting as a firm driver in today’s AUD up move, extending the bounce off Friday’s trough in the 0.8660 neighbourhood. Quek Ser Leang, Market Strategist at UOB Group, commented, “the anticipated AUD weakness exceeded our expectation with a low of 0.8681 last Friday. The down-move still appears incomplete and another leg lower towards 0.8650 is likely before a recovery can be expected. Strong resistance is at 0.8735/40 now”.

AUD/USD levels to consider

At the moment the pair is advancing 0.62% at 0.8740 with the next resistance at 0.8770 (high Sep.29) ahead of 0.8813 (high Sep.26) and then 0.8885 (high Sep.25). On the flip side, a break below 0.8663 (low Oct.1) would expose 0.8660 (low Jan.24) and finally 0.8500 (psychological level).

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