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AUD/USD clinches 0.8770

FXStreet (Edinburgh) - The Aussie dollar rapidly climbed to session highs, lifting AUD/USD to the 0.8770/75 region on Wednesday.

AUD/USD benefited by US poor releases

Riskier assets suddenly saw their demand boosted after the dim figures from the US docket during September. Data across the pond showed headline retail sales contracting at a monthly pace of 0.3% and core sales following suit, down 0.2%. The US industrial sector also published poor results, with the Empire State index diving to 6.17 during last month vs. previous print at 27.54. Next of note in Oz will be tomorrow’s Consumer Inflation Expectations. Market strategists at UOB Group observed “While the current price action is likely part of a broad consolidation range, the immediate pressure is for further down-move towards 0.8660. Only a break above 0.8740 would indicate a recovery towards 0.8780 has started”.

AUD/USD key levels

At the moment the pair is advancing 0.73% at 0.8777 with the next up barrier at 0.8813 (high Sep.26) followed by 0.8885 (high Sep.25) and then 0.8897 (high Sep.24). On the flip side, a breakdown of 0.8663 (low Oct.1) would target 0.8660 (low Jan.24) en route to the psychological 0.8500 handle.

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