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AUD/USD remains capped by 0.8680

FXStreet (Córdoba) - AUD/USD extended its recovery from multi-year lows during the Asian session, but the advance was capped by the 0.8680 zone, confining the pair to a phase of consolidation.

AUD/USD was underpinned by profit taking Monday, with domestic data on housing finance doing little to change the direction of the Aussie. The pair reached its highest level since Thursday at 0.8682 but lacked follow-through and entered a sideways phase. At time of writing, AUD/USD is trading at 0.8670, up 0.43% on the day.

“The AUD/USD pares last week losses. In the absence of important US/Australian data, the focus remains on China”, said Ipek Ozkardeskaya, analyst at Swissquote Bank SA. “We see resistance at 0.8747/90 area (21-dma / MACD pivot) and bet for a re-test of 0.85 support”.

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