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AUD/USD drifting lower to 0.8760

FXStreet (Edinburgh) - The Aussie dollar is attempting to consolidate around the 0.8760 level on Thursday, keeping AUD/USD within a narrow range so far.

AUD/USD between 0.8750 and 0.8770

Better result from the flash manufacturing PMI in China gauged by HSBC was practically ignored by investors in early trade, while NAB’s Business Confidence index came in at 6 QoQ during the third quarter, matching the previous print. With no relevant data release expected in Oz for the next week, spot’s price action will depend on developments overseas. “We retain our neutral bias on the week and look for 0.8650 - 0.8850 to hold”, suggested Sean Callow, Strategist at Westpac.

AUD/USD levels to watch

The pair is now losing 0.11% at 0.8768 with the next support at 0.8663 (low Oct.1) ahead of 0.8660 (low. Jan.24) and then 0.8500 (psychological level). On the flip side, a breakout of 0.8770 (high Sep.29) would open the door to 0.8813 (high Sep.26) and then 0.8885 (high Sep.25).

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