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AUD/USD retreats from 0.8750

FXStreet (Edinburgh) - After posting multi-day highs in the mid-0.8700s, AUD/USD is now easing some ground to the 0.8725/20 region.

AUD/USD focus on data, China

The pair continues to recover ground lost after the down move from October peaks near 0.8920 to fresh multi-year lows near 0.8520 posted last week, currently hovering over the 50% retracement of the decline near 0.8720. Ahead in the week, tomorrow’s Chinese data from New Loans, Industrial Production and Retail Sales during October will be closely followed by the AUD. In Oz, Consumer Inflation Expectations will be in the spotlight (3.4% exp.). “The pair may remain range bound in the interim and expect near term support towards 0.8600 with a cap expected towards 0.8800, noted Emmanuel Ng, FX Strategist at OCBC Bank.

AUD/USD levels to watch

At the moment the pair is up 0.18% at 0.8713 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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