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AUD/USD under pressure below 0.86

FXStreet (Bali) - AUD/USD is no longer buoyed by the fading effects of China's stimulus news, with the rate currently pressing lower below 0.86, having erased past Friday's gains and some more.

While the Australian data calendar is empty for today, traders will have to watch out for RBA Deputy Governor Lowe, speaking at the Australian economic forum with the speech due for release at 8:05pm Syd local time, and may take the opportunity to talk down the AUD.

Technically, Jim Langlands, Founder at FXCharts, notes: "A break of 0.8590 would see an acceleration towards last week’s low at 0.8565, a break of which would head to the major support seen at the 7 Nov low at 0.8540, this being both the 50% pivot of 0.6006/1.1082 and also the base of the monthly cloud. On the topside, we need to regain the 100 HMA at 0.8645 and more importantly the 200 HMA, now at 0.8685 in order to make further gains towards 0.8700."

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