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AUD/USD testing highs near 0.8750

FXStreet (Edinburgh) - AUD/USD is now trading in a narrow range near 0.8750, reverting the previous drop to the boundaries of 0.8640.

AUD/USD shrugged off mixed data, RBA

Mixed results in Oz showed a much larger than anticipated trade deficit during September and a healthy expansion from the retail sales during the same period. These results coupled with a repetitive stance from the RBA in today’s meeting prompted a quick drop to the mid-0.8600s, although spot managed very well to leave behind those levels and climb to current session highs in the vicinity of 0.8750. Analysts at Westpac Global Strategy Group assessed “we remain of the view that the 0.8650/ 0.8900 range will continue. However, if the run of weak data continues, and the US$ remains strong, the lower end of the range is more vulnerable”.

AUD/USD levels to consider

The pair is now advancing 0.53% at 0.8737 with the immediate 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).

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