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AUD/USD challenging lows near 0.8630

FXStreet (Edinburgh) - The Aussie dollar is trading on the defensive camp at the beginning of the week, pushing AUD/USD to test lows around the 0.8640/30 band.

AUD/USD down from 0.8700

After testing peaks around 0.8700 the figure overnight, the AUD upside run out of legs and sparked the current correction lower, losing near 70 pips to session troughs around 0.8630. It will be a light week data wise in Oz, however the speech by RBA Deputy Governor Lowe and the CapEx figures for the third quarter (-1.5% exp.) will be in the spotlight. “We still rather think the break down from the October range (bear flag) implies more weakness ahead but the lack of follow through interest in the past month has killed momentum”, suggested analysts at TD Securities.

AUD/USD relevant levels

At the moment the pair is losing 0.30% at 0.8642 with the immediate support at 0.8606 (low Nov.21) ahead of 0.8540 (low Nov.7) and then 0.8500 (psychological level). On the upside, a surpass of 0.8711 (21-d MA) would expose 0.8723 (high Nov.21) and finally 0.8747 (high Nov.18).

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