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AUD/USD back below 0.8800

FXStreet (Edinburgh) - The Aussie dollar is now losing the grip vs. its American counterpart, dragging AUD/USD back to the 0.8775/70 band.

AUD/USD coming down from beyond 0.8800

Better sentiment around the AUD, although without any apparent trigger, boosted spot to fresh session highs above the key 0.8800 handle on Tuesday. The overnight bull attempt run out of legs below 0.8820 however, sparking the current knee jerk to the 0.8770 neighbourhood. Data wise in Oz, Business Conditions/Confidence gauged by NAB dropped to 1 and 5 during September from 3 and 7, respectively. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Beyond this near term rebound we remain negative and look for a retest of support circa .8660/43 and continue to target the .8550 50% retracement of the move from 2009”.

AUD/USD levels to watch

The pair is now losing 0.06% at 0.8768 and a breakdown of 0.8663 (low Oct.1) would open the door to 0.8660 (low Jan.24) and then 0.8500 (psychological handle). On the upside, the immediate hurdle aligns at 0.8813 (high Sep.26) followed by 0.8885 (high Sep.25) and finally 0.8897 (high Sep.24).

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