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AUD/USD testing the channels support

FXStreet (Barcelona) - AUD/USD is trading at 0.8756, up 0.15% on the day, having posted a daily high at 0.8760 and low at 0.8756.

AUD/USD is starting the week testing the sideways channel to the downside with 0.8740 being the support that if broken could open up a cent lower as the daily supporting zone.

The dollar finished off on the bid again last week while investors look to monetary policy divergence as an excuse to get long again. This week has a couple of key events for the Aussie. The RBA’s meeting minutes, which is likely to remain with same verbiage is respect to their wait and see approach and perhaps a continued mention in respect to the overvalue of the currency. We have some more of that from Glenn Stevens speaking later in the week on Wednesday when he is speaking in Sydney Limits. The day before we will see the results of the CPI year on year and Q/Q for the third Quarter.

AUD/USD noteworthy levels

Resistance can be found ahead of spot at 0.8756 [Last Price], 0.8758 (Daily Open), 0.8760 (Daily High), 0.8764 (Daily Classic PP), 0.8766 (Hourly 20 EMA) and 0.8769 (Hourly 200 SMA). Below, we can see support at 0.8756 (Daily Low), 0.8755 (Hourly 100 SMA), 0.8752 (Weekly Classic PP), 0.8734 and 0.8714 (Weekly Low).

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