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AUD/USD faces wall of offers at 0.87

FXStreet (Bali) - AUD/USD has been edging higher during Asia, setting an intraday high at 0.87 before a modest retracement towards 0.8690, with sentiment towards the Australian Dollar improved as speculation of a Chinese easing cycle mounts.

Jim Langlangs, Founder at FXCharts, notes: "Shorter term charts do hint that we could see another test higher in the coming sessions", adding that "it will be offshore events that will dictate the direction and if the US$ maintains its run higher then the Aud is going to find it hard to make too much headway on the topside."

On the topside, having reached 0.87, a break above the round number is needed to target Friday's high at 0.8720 ahead of 0.8740/50 and 0.8790/0.88, On the downside, key intraday support stands at 0.8660 (100 HMA) ahead of 0.8650 (horizontal level), with a break below the latter exposing Friday’s low at 0.8604.

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