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AUD/USD not ready to live above 0.9300

FXStreet (Moscow) - AUD/USD plunged to 0.9286 after opening the day at 0.9304; currently, the pair is trading at 0.9298 with bearish bias is still dominant.

Back to the drawing board

Who would have dreamt of it? Aussie, the recent scapegoat of the FX universe, staged a good recovery towards pivotal resistance of 0.9330 and closed marginally above 0.9300 on Wednesday on the back of USD sell-off caused by poor retail sales data in the USA. Alas, this was just a flash in the pan as Asian players pushed AUD/USD below 0.9300. Unexpected slowdown in Chinese investment spending coupled with lower inflation expectations in Australia pressured it down. Later during the day keep an eye on general USD sentiments as they may be spoiled once again by weaker than expected labour market data. From the technical point of view, a sustained break above 0.9310/20 area of medium demand is needed to extend the upside towards 0.9340. The initial support is seen at 0.9270.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9294, with support below at 0.9268, 0.9231 and 0.9205, with resistance above at 0.9331, 0.9357 and 0.9394. Hourly Moving Averages are mixed with the 200SMA bullish at 0.9293 and the daily 20EMA bearish at 0.9329. Hourly RSI is bullish at 54.

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