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AUD/USD back to 0.8700

FXStreet (Edinburgh) - After retesting weekly highs beyond the 0.8700 handle on Wednesday, AUD/USD is now giving back some gains and returning to the 0.8700 neighbourhood.

AUD/USD backed by risk appetite

The better sentiment towards riskier assets in the European morning is helping spot to extend its upside beyond the 0.8700 mark. In the data front, Consumer Confidence in Oz tracked by Westpac improved to 1.9% for the present month, adding to the buying interest around AUD today. Strategist Sean Callow at Westpac argued “AUD/USD should steady after its recent slide, with RBA rate cut pricing waning on a stable growth outlook and the timing arguably not right for sustained broad USD strength. Commodity prices could also become less of a weight into Dec. AUD/USD looks to 0.8750-0.88 over 4-6 weeks”.

AUD/USD levels to watch

At the moment the pair is up 0.04% at 0.8701 with the next resistance at 0.8763 (high Nov.5) ahead of 0.8767 (high Nov.3) and then 0.8854 (high Oct.31). On the other hand, a breakdown of 0.8540 (2014 low Nov.7) would expose 0.8500 (psychological level) and then 0.8490 (Channel Support).

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