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AUD/USD risks remain to the downside

FXStreet (Guatemala) - AUD/USD is trading at 0.8719, up 0.06% on the day, having posted a daily high at 0.8723 and low at 0.8709.

The main theme remains that the Aussie is overvalued. Regardless, the pair was aiming for territory on the 0.88 handle yesterday on a weaker greenback but that was short lived and heavy supply took the pair lower for a test of the 0.87 handle again earlier. Failing to penetrate or meet last Fridays lows, the pair is buoyant in a 20 pip range from the handle although capped at the fib resistance at 0.8820. While the RBA are suggesting a weaker currency would be beneficial, risk likely remains to the downside and especially in a risk off environment.

AUD/USD noteworthy levels

With spot trading at 0.8719, we can see next resistance ahead at 0.8736 (Hourly 20 EMA), 0.8746 (Weekly Classic PP) and 0.8766 (Hourly 200 SMA). Support below can be found at 0.8714, 0.8694 and 0.8686 (Daily Classic S1), 0.8640 and 0.8600.

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