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AUD/USD testing the upside, contemplates 0.87 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.8676, up 0.68% on the day, having posted a daily high at 0.8685 and low at 0.8591.

AUD/USD has managed to reclaim higher ground with a climb that took the pair away from below the 0.86 handle. We are meeting the start of this week’s supply that came in and met the opening bullish gap and the Aussie is now riding better global risk sentiment, liquidity and improved domestic data, notably housing and a key component to the RBA's policy on interest rates.

However, we will need some give in the greenback if we are going to see the pair move through the 0.87 handle with any convincing style as this level comes with October's support and congestion, and in the background, this would threaten the RBA’s determination for a weaker currency and could bring about mention of the strength of the Aussie and keep the bulls nervous on entry and exit points on the handle. Meanwhile, the pair should remain sensitive to the commodity prices in raw materials, notably in iron ore.

AUD/USD noteworthy levels

Current price is 0.8675, with resistance ahead at 0.8684 (Hourly 200 SMA), 0.8714 (Daily Classic R2) and 0.8730 (Daily 20 SMA). Next support to the downside can be found at 0.8665 (Daily Classic R1), 0.8646 (Weekly Classic PP), 0.8638 (Hourly 20 EMA), 0.8637 (Daily Classic PP) and 0.8617.

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