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AUD/USD lacking conviction on rallies on 0.86 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.8608, down -0.69% on the day, having posted a daily high at 0.8703 and low at 0.8602.

AUD/USD has broken the descending resistance line on the fie minute chart but lacks conviction on the 0.86 handle with pressures mounting to the downside now that China’s surprise in cutting interest rates has been digested and accounted for. The trend remains in tact and bounces appear to be a fade in this current environment. The week ahead comes with plenty of risk data including the US GDP for Q3.

While the downside is open if the pair manages to breach the 0.86 support with closes and conviction below to test the trough at 0.8542 supporting level which guards the base of the three-year channel at 0.8411, with spot trading at 0.8608, we can see next resistance ahead at 0.8615 (Weekly Low), 0.8643 (Hourly 20 EMA), 0.8650 (Hourly 100 SMA), 0.8666 (Daily Classic PP) and 0.8673 (Daily Open).

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