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AUD/USD supported near 0.8600

FXStreet (Edinburgh) - After hitting the area of 0.8650 overnight, AUD/USD retraced the spike and is now returning to the 0.8610/00 band.

AUD/USD stronger post-data

The AUD saw it demand renewed after Business Conditions in Australia gauged by NAB jumped to 13 from 1 during October, its highest level since early 2008, although Business Climate eased a tad to 4 from 5. Spot reacted rapidly, climbing to the mid-0.8600s, however the move lacked conviction and triggered the subsequent decline to challenge the 0.8600 key support. In the view of strategists at UOB Group, “The outlook remains mixed albeit with a negative bias. Allow for an initial rebound but as long as 0.8685 is intact, expect a deeper down-move towards 0.8595 but a sustained weakness is unlikely for now”.

AUD/USD key levels

At the moment the pair is down 0.17% at 0.8601 and a breakdown of 0.8540 (2014 low Nov.6) would expose 0.8500 (psychological level). On the flip side, the initial resistance lines up at 0.8700 (psychological level) ahead of 0.8738 (high Nov.5) and then 0.8761 (high Nov.4).

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