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AUD/USD regains 0.8600

FXStreet (Edinburgh) - The Aussie dollar has recovered the buying interest on Thursday, now lifting AUD/USD back beyond the 0.8600 key handle.

AUD/USD up from 0.8570

The initial decline in the AUD proved to be short-lived, allowing spot to recover some ground lost after dropping to session troughs around 0.8570. The pair is trading in the lower band of the weekly range just above 0.8600 the figure, looking to trim part of the recent sell-off from Monday’s peaks near the 0.8800 barrier. “The unexpected sharp down-move appears incomplete and further AUD weakness towards 0.8580 is likely. Expect any rebound to hold below 0.8655”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

AUD/USD levels to consider

The pair is now losing 0.09% at 0.8606 and a breach of 0.8540 (2014 low Nov.7) would open the door to 0.8500 (psychological level). On the other hand, the next resistance lines up at 0.8747 (high Nov.18) ahead of 0.8789 (50-d MA) and finally 0.8796 (high Nov.17).

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