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AUD/USD risks remain to the downside

FXStreet (Guatemala) - AUD/USD is trading at 0.8728, up 0.25% on the day, having posted a daily high at 0.8749 and low at 0.8682.

AUD/USD has been consolidating since falling from the November high at 0.8795. The key resistance remains the October high at 0.8911 still as noted by Karen Jones, chief analyst at Commerzbank. “Risks are on the downside while capped here. Medium term attention remains on the 0.8550/43 50% retracement of the move from 2009 and current November low. The 0.8550 support level guards the base of the 3-year channel at 0.8411” – Karen Jones.

AUD/USD noteworthy levels

With spot trading at 0.8731, we can see next resistance ahead at 0.8734 (Daily Classic PP), 0.8749 (Daily High), 0.8759 (Weekly High), 0.8773 (Daily Classic R1) and 0.8798 ahead of 0.8911. Support below can be found at 0.8726 (Daily 20 SMA), 0.8723 (Hourly 100 SMA), 0.8722 (Hourly 20 EMA), 0.8709 (Daily Open) and 0.8708 (Weekly Classic PP) before 0.8550 and 0.8411 longer term.

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