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AUD/USD tests 0.8750

FXStreet (Edinburgh) - The Aussie dollar is now deflating vs. the greenback, dragging AUD/USD to challenge session lows in the mid-0.8700s.

AUD/USD retreats from highs around 0.8790

After hitting fresh intraday highs in the 0.8790 area, spot sparked a correction lower to the 0.8750 area amidst renewed sentiment towards the US dollar. Nothing of note from Oz in the data front today, however key Chinese GDP data due tomorrow will grab investors attention, as well as Retail Sales figures and Industrial Production. “The outlook for this pair is still mixed albeit with a weak undertone. Expect 0.8800 to act as a cap for probe towards 0.8720 but a clear break below this level appears unlikely for now”, suggested analysts at UOB Group.

AUD/USD key levels

At the moment the pair is up 0.16% at 0.8758 with the next resistance at 0.8770 (high Sep.29) ahead of 0.8813 (high Sep.26) and then 0.8885 (high Sep.25). On the flip side, a breakdown of 0.8663 (low Oct.1) would expose 0.8660 (low Jan.24) and finally 0.8500 (psychological level).

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