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AUD/USD in highs, eyes on 0.8600

FXStreet (Edinburgh) - The Aussie dollar is edging higher on Friday, pushing AUD/USD back to the vicinity of 0.8600 the figure.

AUD/USD found support around 0.8540

The pair is now looking to extend the bounce off overnight lows in the 0.8540 region, on its way to test 0.8590 and with the interim target on the round-number at 0.8600. Data wise in Oz, the RBA kept its neutral bias on today’s Statement of Monetary Policy regarding the GDP although it upgraded the outlook for inflation. Market strategists at UOB Group commented, “the rebound in AUD held below the key level at 0.8640/45 but the subsequent down-move appears to be lacking in momentum. However, unless there is a move back above 0.8610, this pair is expected to drift lower towards 0.8515/20”.

AUD/USD levels to watch

At the moment the pair is advancing 0.30% at 0.8590 with the next resistance at 0.8600 (psychological level) ahead of 0.8627 (high Nov.6) and then 0.8734 (high Nov.5). On the flip side, a breach of 0.8540 (2014 low Nov.6) would expose 0.8500 (psychological level).

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