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AUD/USD meeting supply at reoccurring levels

FXStreet (Barcelona) - AUD/USD is trading at 0.8804, up 0.49% on the day, having posted a daily high at 0.8827 and low at 0.8719.

AUD/USD has gained and is well placed upon the 0.88 handle but finds supply coming again at 0.8825/30 which has been the barrier for the most part of this month ahead of key and psychological 0.8900. The FOMC and announcements on the 29-30th October will remain the focus now for the pair and other USD-pairs. Range play for the rest of the session until the US close is going to be the theme.

However, there could be some risk over the weekend to play on next week's open with the ECB’s Asset Quality Review (AQR) and stress test. The idea there is if the ECB is likely to add more liquidity into markets then this could bode well for the high yielders such as the Aussie dollar and support the pair in the near and medium term while a pick up in commodity prices would certainly be a supporting factor to the Aussie which has been lifted in the background in China’s latest improvements in both output and GDP.

AUD/USD noteworthy levels

Current price is 0.8805, with resistance ahead at 0.8805 (Daily 20 SMA), 0.8809 (Yesterday's High), 0.8827 (Daily High), 0.8833 (Daily Classic R2) and 0.8854 (Weekly Classic R1). Next support to the downside can be found at 0.8797 (Daily Classic R1), 0.8783 (Weekly High), 0.8781 (Hourly 100 SMA), 0.8775 (Hourly 20 EMA) and 0.8773 (Daily Classic PP).

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