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AUD/USD building a bullish case on 0.88 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.8800, up 0.19% on the day, having posted a daily high at 0.8835 and low at 0.8759.

AUD/USD has been building a case on the 0.88 handle after the data that came from China overnight in Asia. China’s out put was the clincher that fuelled the fire and sent the Aussie onto the new handle in a continuation of the recent uptrend until the Fibonacci resistance of 0.8820. The GDP came in slightly stronger than expected also given the previous actions taken from the Central Bank to add preventative measures into the banking system with a double allocations of 700billion of Yuan in total and two rate cuts previously.

AUD/USD noteworthy levels

Current price is 0.8800, with resistance ahead at 0.8802 (Hourly 20 EMA), 0.8804 (Yesterday's High), 0.8809 (Daily Classic R1), 0.8816 (Daily 20 SMA), 0.8829 (Weekly High), 0.8860 and 0.8900 the figure. Next support to the downside can be found at 0.8784 (Daily Open), 0.8778 (Daily Classic PP), 0.8775 (Hourly 100 SMA), 0.8766 (Hourly 200 SMA), 0.8759 (Daily Low) and 0.8730.

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