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AUD/USD testing 0.9300

FXStreet (Edinburgh) - The Aussie dollar is trading in a narrow range in the mid-week, driving the AUD/USD to challenge the 0.9300 handle.

AUD/USD focus on labour data

Spot is meandering between 0.9290 and 0.9340 this week so far, looking to consolidate the leg down from recent peaks around 0.9490. However, market participants remain cautious ahead of tomorrow’s critical labour market data from Oz, where consensus expects the employment to have increased by 12K in July and the jobless rate to stay put at 6%. “The RBA meeting failed to generate any lift for the aussie and the pair may continue to contemplate the 0.9300 floor… In the current environment, expect investors to fade any near term upticks in the pair with 0.9275 expected to serve as initial support”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

AUD/USD key levels

The pair is now up 0.01% at 0.9306 with the initial hurdle at 0.9344 (high Aug.5) followed by 0.9390 (high Jul.30) and finally 0.9416 (high Jul.29). On the downside, a break below 0.9275 (low Aug.1) would open the door to 0.9257 (low Jun.5) and then 0.9253 (low Jun.4).

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