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AUD/USD sidelined near 0.8670

FXStreet (Edinburgh) - The lack of a clear direction prevails around the Aussie dollar now, confining AUD/USD to a narrow range near 0.8670.

AUD/USD poised for further consolidation?

The pair remains in the upper end of the intraday range however, backed by a re-emergence of the risk appetite trends and following auspicious data from the Chinese trade balance posted over the weekend. Looking forward to tomorrow’s docket in Oz, Business Confidence/Conditions tracked by NAB are due during the morning ahead of Westpac’s Consumer Confidence. Strategists at TD Securities suggested, “Weekly/monthly trend momentum indicators are bearishly aligned which supports the notion of only limited scope for counter-trend corrections”.

AUD/USD key levels

At the moment the pair is up 0.35% at 0.8663 with the next resistance at 0.8700 (psychological level) ahead of 0.8738 (high Nov.5) and then 0.8761 (high Nov.4). On the flip side, a breakdown of 0.8540 (2014 low Nov.6) would expose 0.8500 (psychological level).

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