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AUD/USD softer, above 0.8700

FXStreet (Edinburgh) - The Aussie dollar is easing ground from session highs near 0.8770, now pushing AUD/USD back to the 0.8730/25 band.

AUD/USD focus on China, US

Absent domestic data, the AUD will look overseas in order to get catalysts for the price action in the very near term. Chinese New Loans during October (CNY 650.0 bn exp.) and M2 Money Supply will set the risk tone tomorrow early morning, while Retail Sales and the Reuters/Michigan index will take centre stage across the pond later on in the NA session. I light of the current AUD strength, Karen Jones, Head of FICC Technical Analysis at Commerzbank commented “Above .8769 will sever the downtrend and trigger a move towards the 55 day ma at .8879. Key resistance remains the recent high at .8911. Risks are on the downside while capped here”.

AUD/USD levels to watch

As of writing the pair is advancing 0.07% at 0.8725 and a breakout of 0.8763 (high Nov.5) would expose 0.8854 (high Oct.31) and finally 0.8870 (50-d MA). On the flip side, the initial support lines up at 0.8672 (low Nov.12) ahead of 0.8600 (psychological level) and then 0.8540 (2014 low Nov.7).

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