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AUD/USD heading towards a sell off?

FXStreet (Barcelona) - AUD/USD is trading at 0.8800, down -0.01% on the day, having posted a daily high at 0.8806 and low at 0.8798.

AUD/USD has been a number of times through 0.88 without any real consequence and this may be leading to a bearish scenario. The pair had a nice run-up from some give in the greenback last week but this week comes with much anticipation around the FOMC and anything remotely pro-US economy is likely to see the US dollar bulls out in force, and that could be the very catalyst for a sell off in the Aussie. New home sales are the only domestic data for the Aussie this week, but a key factor in the RBA’s decision making process towards policy currently, so it will be keenly watched. Weekly and monthly indicators are pointing to the downside, while RSI 14 remains neutral.

AUD/USD noteworthy levels

With spot trading at 0.8801, we can see next resistance ahead at 0.8803 (Hourly 20 EMA), 0.8822 (R1/ 23.6% Fibo), 0.8850, (R2/Bollinger band) and 0.8899 (R3 Weekly R2 and major level). Support below can be found at 0.8784 (Hourly 100 SMA), 0.8781 (Weekly Classic PP) and 0.8779 (Daily Classic PP), 0.8760 (20 DMA/ weekly S1) and 0.8672 ( Bollinger Bands; weekly S2).

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