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AUD/USD toying with 0.8700

FXStreet (Edinburgh) - The Aussie dollar seems to have found decent support in the vicinity of 0.8680 on Friday, with AUD/USD now assaulting the 0.8700 neighbourhood.

AUD/USD softer on USD

A buying sentiment around the US dollar has irrupted in the broader markets at the end of the week, dragging spot back below the key support at 0.8700 although the weekly balance remains positive so far. There are no scheduled releases in Oz today, with the main catalysts coming from the US economy via Retail Sales and the Reuter/Michigan index. In the view of strategists at UOB Group, “While the undertone is still positive, the current drop could retest the 0.8670 low before moving higher again. Allow for a recovery towards 0.8740 but as long as 0.8765/70 caps, expect a move towards 0.8670”.

AUD/USD levels to consider

The pair is now losing 0.32% at 0.8687 with the next support at 0.8672 (low Nov.12) ahead of 0.8600 (psychological level) and then 0.8540 (2014 low Nov.7). On the flip side, a break above 0.8763 (high Nov.5) would expose 0.8854 (high Oct.31) and finally 0.8870 (50-d MA).

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