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AUD/USD treading water around 0.8730

FXStreet (Edinburgh) - The lack of clear direction prevails around AUD/USD at the end of the session on Tuesday, meandering around 0.8730.

AUD/USD locked within 0.8650 and 0.8750

The pair keeps the trade between 0.8650 and 0.8750 this week so far, although the upper band extends to 0.8910 if we go back to mid-September, looking to consolidate the drop from August peaks beyond 0.9400 the figure. The resilience behind the AUD seems to justify the current sideline behaviour, against a backdrop of softer prices in the commodities’ space, mixed data from Oz, a neutral RBA and a firmer US dollar. A gauge of the Services sector in Australia by the AiG index is due tomorrow ahead of the more critical employment report on Thursday, with market consensus expecting the jobless rate to remain unchanged at 6.1% and the employment to have gained 10K during October.

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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