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AUD/USD offloading to 0.86 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.8603, down -0.11% on the day, having posted a daily high at 0.8621 and low at 0.8603.

AUD/USD sits idle and perhaps positioned for a decline through the key and psychological 0.86 handle again? The pair commenced the week on the offer and that continued through European markets overnight today and into the US shift, penetrating the 0.8620 support without much resistance from the bulls and recorded a low of just a couple of pips of 0.86 the figure.

Beyond the 0.86 level, 0.8542 is the next supporting area and guards the base of the three-year channel at 0.8411. However, this is an area of continued demand and until we have something fundamental as the next driver lower, this may be a tough trough to penetrate. With spot trading at 0.8603, to the upside, next resistance ahead is 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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