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AUD recovers losses

FXStreet (Mumbai) - The Australian Dollar has recovered the losses against the greenback, taking the pair back above 0.87 levels from the low of 0.8677 levels hit earlier today.

The AUD/USD pair traded marginally lower at 0.8707 at the time of writing. The Aussie recovered tracking a slight decline in the US Treasury yields in last one hour. The ten-year yields in the US trades at 2.33%, down from the day’s high of 2.359%. Moreover, the currency is weighed down by the ongoing fall in iron ore prices and concerns regarding the Chinese economy. However, the currency managed to shrug-off RBA assistant governor Christopher Kent’s comments that intervention to lower the “too high” exchange rate was still an option.

The Australian Dollar may extend gains during the US session if the advance retail sales data prints weaker-than-expected, which may push the ten-year Treasury yields towards 2.3%.

AUD/USD Technical Levels

The pair has an immediate resistance at 0.8715, above which the gains may be extended to 0.8760 levels. Meanwhile, support is seen at 0.8680 and 0.8665 levels.

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