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AUD/USD regains 0.8800

FXStreet (Edinburgh) - The Aussie dollar is back around the 0.8800 handle on Friday, with AUD/USD recovering from the dip to the vicinity of 0.8760.

AUD/USD trims losses

The pair reacted with a dip sell off to the area of 0.8760 in the wake of the BoJ announcements during the Asian hours, although the AUD has demonstrated once again its recent resilient tone, pushing back to the 0.8800 neighbourhood. Ahead in the week, trade balance figures in Oz followed by the RBA monetary policy meeting will be the highlights in the first half of the week. “As expected, AUD tested the strong support indicated at 0.8755/60 before rebounding. The current movement is likely the early stages of a consolidation phase”, argued strategists at UOB Group.

AUD/USD key levels

The pair is now losing 0.34% at 0.8801 with the next support at 0.8719 (low Oct.24) ahead of 0.8642 (low Oct.3) and then 0.8500 (psychological level). On the upside, a break above 0.8899 (high Oct.9) would target 0.8927 (high Sep.23) en route to 0.8950 (high Sep.22).

USD to gain further support, ECB in focus - Commerzbank

As the FX market is increasingly pricing in a normalization of US monetary policy, the dollar will gain further support, said Esther Reichelt, analyst at Commerzbank. “However, the main highlight of the FX market’s week will be the ECB meeting on Thursday”.
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