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AUD/USD bulls cry their eyes out on 0.9250 wreck

FXStreet (Moscow) - AUD/USD has lost more than 30 pips since opening in Asia t 0.9279. More downside may be in store as investors don’t like RBA’s mood.

Aussie has broken to pieces

AUD/USD is getting ready to finish its first week below 0.9300 since mid-May. Poor Aussie has lots of reasons to go lower: first poor labour market report, now downgraded economic assessment from RBA. Both fundamental and technical factors point to further downside with the next bearish aim at 0.9200. Economists are revising their RBA rate forecasts to the downside as the central bank actually has set the stage for rate cut, should macroeconomic data continue to deteriorate. Let’s not to forget that RBA sees Aussie overvalued by historical standards, thus they won’t cry over it falling down. On the intraday basis AUD/USD may find new buyers at 0.9230 support, though if it is taken out due to bread based USD strength, the downside may be extended towards 0.9200. The upside is likely to be limited by today’s opening level at 0.9279

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9296, with support below at 0.9233, 0.9194 and 0.9131, with resistance above at 0.9335, 0.9398 and 0.9437. Hourly Moving Averages are mixed with the 200SMA bearish at 0.9325 and the daily 20EMA flat at 0.9354. Hourly RSI is bearish at 31.

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