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AUD/USD found buyers around 0.8750

FXStreet (Edinburgh) - The Aussie dollar seems to have found decent support in the mid-0.8700s so far, with AUD/USD now gathering traction towards 0.8765/70.

AUD/USD focus on confidence gauges

Despite the brief knee-jerk from the vicinity of 0.8790, spot is closing the session well into the profit camp as markets enter the final part of the session. Moving forward to tomorrow’s docket in Oz, Business Confidence/Conditions tracked by NAB are due (8 and 4, prev. respectively) while Chinese New Loans figures will also grab investors’ attention ($730 billion exp.). “It is our view that AUD/USD could consolidate close to current levels in the near-term, though medium-term we expect that a continuation of a broad based USD recovery will push AUD/USD lower. The recent low in the region of AUD/USD0.8643 is likely to offer strong support, though we see risk that AUD/USD will be trading in the 0.85 area in the middle of next year”, noted Jane Foley, Senior Currency Strategist at Rabobank.

AUD/USD levels to watch

As of writing the pair is up 0.87% at 0.8762 with the next hurdle at 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).

AUD/USD key medium term support comes at 0.8643

Jane Foley, Senior Currency Strategist at Rabobank explained that they are looking for a lower AUD/USD level.
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