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AUD/USD testing highs near 0.8880

FXStreet (Edinburgh) - The Aussie dollar is inching higher on Wednesday, pushing AUD/USD to test the upper end of the range near 0.8880.

AUD/USD hinges on the USD

The pair is extending the rebound from recent lows in the 0.8710/00 area posted last week, now trading closer to the 0.8900 handle amidst renewed demand for the high-beta currencies. Ahead in the day, the FOMC meeting will dictate the trends via the greenback, while New Home Sales tracked by HIA are due tomorrow in Oz. Emmanuel Ng, FX Strategist at OCBC Bank, suggested, “With global growth worries slightly on the back burner and risk appetite levels brightening, the AUD-USD may continue to contemplate further up moves in the near term towards 0.8900/35 barring a strong dollar reaction later tonight”.

AUD/USD levels to watch

At the moment the pair is advancing 0.21% at 0.8874 with the immediate resistance at 0.8882 (high Oct.28) ahead of 0.8899 (high Oct.9) and then 0.8927 (high Sep.23). On the flip side, a breach of 0.8796 (low Oct.28) would expose 0.8719 (low Oct.24) and finally 0.8642 (low Oct.3).

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