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AUD/USD retreats after reaching 0.8830

FXStreet (Córdoba) - AUD/USD climbed to 0.8832 reaching the highest price since last Wednesday but after Wall Street opening bell pulled back. The retreated from the highs found support so far above 0.8805 and currently trades at 0.8814/16, 35 pips above yesterday’s closing price.

The aussie, boosted by risk appetite and Chinese data, gained momentum against the US dollar during the Asian session and rose above 0.8800. So far it has been able to hold but the area around 0.8830/35 is an important resistance.

The short term outlook is still sideways as AUD/USD continues to be limited to the upside by 0.8830/50 and to the downside, 0.8650 is the key support to consider, that capped the downside several times during the current month.

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