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AUD/USD finds support at 0.8790

FXStreet (Edinburgh) - The Aussie dollar seems to have found some buying interest around 0.8790 on Monday, now pushing AUD/USD back the vicinity of 0.8800 the figure.

AUD/USD attention to overseas markets

Absent relevant data in Oz this week, spot’s price action will hinge on events and news from overseas markets. In the meantime, the pair is meandering a narrow 0.8790-0.8820 range ahead of the US data releases. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “A push through the low 0.88 area may see 0.8900/30 retested but the broader downtrend here remains deeply entrenched; that should really mean limited upside and the sell-off resuming below the base of the October consolidation at 0.8667”.

AUD/USD levels to watch

At the moment the pair is up 0.08% at 0.8797 with the next resistance at 0.8899 (high Oct.9) ahead of 0.8927 (high Sep.23) and then 0.8950 (high Sep.22). On the downside, a breach of 0.8642 (low Oct.3) would expose 0.8500 (psychological level) and finally 0.8265 (low Jun.10 2010).

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