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AUD/USD accelerates above 0.8800

FXStreet (Edinburgh) - The Aussie dollar is now picking up pace on Thursday, pushing AUD/USD back beyond the 0.8800 mark.

AUD/USD trimming losses

Spot is managing to recover ground lost after the FOMC meeting surprised markets with a more hawkish tone than expected in yesterday’s meeting. The pair is now extending the bounce off sub-0.8770 levels to fresh session highs in the 0.8820 area, shrugging off recent US data releases. “We continue to target the .8550 50%retracement of the move from 2009. This guards the base of the 3 year channel at .8438/.8391”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

AUD/USD key levels

The pair is now advancing 0.27% at 0.8823 and a surpass of 0.8899 (high Oct.9) would aim for 0.8927 (high Sep.23) and then 0.8950 (high Sep.22). On the flip side, the initial support aligns at 0.8796 (low Oct.28) followed by 0.8719 (low Oct.24) and finally 0.8642 (low Oct.3).

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