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AUD/USD erases intraday losses

FXStreet (Córdoba) - Australian dollar managed to recover from lows and trades nearly flat within its weekly range, with latest string of upbeat Chinese and domestic data having virtually no impact on the currency.

AUD/USD bottomed out at 0.8748 during the Asian trade and following a consolidation phase, it picked up momentum and rose toward 0.8796, where it printed a daily high before easing slightly. At time of writing, AUD/USD is trading at 0.8785, little changed on the day.

From a wider perspective, AUD/USD has traded erratically within 0.8730-0.8830 over the last week, unable to set a longer-term direction.

AUD/USD technical levels


In terms of technical levels, if AUD/USD breaks above 0.8800, next resistances could be found at 0.8832 (Oct 20 high), 0.8860 (Oct 15 high) and 0.8898/0.8900 (Oct 9 high/psychological level). On the flip side, supports are seen at 0.8748/42 (intraday low/Oct 22 low), 0.8700 (psychological level) and 0.8685 (Oct 16 low).

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