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AUD/USD pressing on to the downside

FXStreet (Barcelona) - AUD/USD is trading at 0.8757, up 0.82% on the day, having posted a daily high at 0.8789 and low at 0.8652.

AUD/USD ran into supply at 0.8780 resistance and has been levelled at the support of the final session of last weeks business here but weigh quite heavily currently. Emmanuel Ng, FX Strategist at OCBC Bank said however that they would expect the AUD to derive some comfort following the latest September China trade numbers, with both exports and imports coming in stronger than expected. “While the PBOC’s assurances that the risk of a heard landing is very small may temper near term downside for the pair, note that on the CFTC front, net leveraged AUD positioning flipped to a net short balance for the first time since late March 2014”.

AUD/USD noteworthy levels

Current price is 0.8757, with resistance ahead at 0.8763 (Hourly 200 SMA), 0.8781 (Hourly 100 SMA) and 0.8826 (Daily Classic R2). Next support to the downside can be found at 0.8756 (Daily Classic R1), 0.8746 (Weekly Classic PP), 0.8742 (Hourly 20 EMA), 0.8718 (Daily Classic PP) and 0.8686.

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