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AUD/USD on its way to 0.8700?

FXStreet (Edinburgh) - The selling pressure remains intact around the Aussie dollar on Monday, dragging AUD/USD to the lower band of the range near 0.8700 the figure.

AUD/USD faded early spike

Spot is back to test post-Chinese data lows in the boundaries of the key handle at 0.8700, reverting the previous recovery to the 0.8750/55 area. Recall that softer Chinese PMI on Saturday coupled with today’s sharp drop from Building Permits in Oz triggered the ongoing correction in spot. However, the AUD will remain under pressure ahead of tomorrow’s RBA monetary policy gathering and the trade balance results for the month of September. “The Australian dollar has traced out a wedge or triangle formation… This chart pattern is notorious for false breaks, and the technical indicators do not appear to be generating strong signals”, signaled analysts at BBH.

AUD/USD key levels

The pair is now retreating 1.01% at 0.8709 with the immediate support at 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).

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