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AUD/USD headed to the South, 0.8760 support in focus

FXStreet (Moscow) - AUD/USD  started the Asian session at 0.8792 and moved all the way down to the Asian low of 0.8760; currently the pair is trading at 0.8765 with bearish bias.

From the longer-term perspective, AUD/USD continues to oscillate within a broad range. Yesterday the pair tried to settle above 0.8900, but retreated back below 0.8800 instead. The downside was caused by USD strength across the board. It seems that the American currency has resumed its uptrend, but it would be unwise to jump to the conclusions before third-quarter U.S. gross domestic product report is published. According to the forecasts, the preliminary upbeat numbers may be subject to downside revision from 4.6% y/y to 3.0% y/y. If this is the case, USD may fall victim of profit-taking on speculative longs. From the technical point of view, 0.8800 is the key for the pair. A daily close above this level is needed to improve short-term technical picture. the nearest support comes at 0.8760 (Asian low).

What are today’s key AUD/USD levels? 

Today's central pivot point can be found at 0.8829, with support below at 0.8746, 0.8692 and 0.8609, with resistance above at 0.8883, 0.8966 and 0.9020. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8799 and the daily 20EMA flat at 0.8807. Hourly RSI is bullish at 28.

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