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AUD/USD extends gains after disappointing US data

FXStreet (Córdoba) - AUD/USD gathered momentum and reached its highest level in nearly 3 weeks as the USD weakened on the back of disappointing US durable goods orders.

US durable goods orders fell 1.5% in September, marking the second straight decline after a 18.3% drop the previous month and versus a 0.5% rise expected. Excluding transportation, orders declined by a smaller 0.2% against a 0.5% increase forecasted.

AUD/USD broke above previous daily highs and reached a peak of 0.8881 before easing a tad. At time of writing, the pair is trading at the 0.8860 area, recording a 0.69% gain Tuesday.

The Australian dollar was already outperforming supported by upbeat domestic data and rising stocks.

AUD/USD technical levels

As for technical levels, AUD/USD could find immediate resistances at 0.8891 (intraday high), 0.8898/0.8900 (Oct 9 high/psychological level) and 0.8926 (Sept 23 highs). On the other hand, supports are seen at 0.8785 (10-day SMA), 0.8770 (21-day SMA) and 0.8742 (Oct 22 low).

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