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AUD/USD in a narrow range

FXStreet (Edinburgh) - The Aussie dollar is meandering between 0.9310 and 0.9330 at the beginning of the week, with the AUD/USD looking to consolidate the break above 0.9300.

AUD/USD between risk aversion and China

The AUD is posting marginal losses following softer data from the Chinese docket – House prices and FDI – and the prevailing sentiment biased towards the risk aversion. A second-tier data releases in Oz showed New Motor Vehicle Sales contracting 1.3% inter-month in July, ahead of tomorrow’s RBA minutes. “We are not convinced that its modest strength in recent days is a sign that carry trades are back in vogue… We think that the lower highs the Aussie is recording supports are less than constructive outlook. Support is seen in the $0.9240-50 area, but the key area remains around $0.9200”, observed analysts at BBH.

AUD/USD key levels

The pair is now losing 0.02% at 0.9317 with the next support at 0.9286 (low Aug.14) ahead of 0.9264 (low Aug.13) and finally 0.9248 (low Aug.12). On the upside, a break above 0.9335 (high Aug.15) would aim for 0.9354 (daily cloud base) and then 0.9358 (high Aug.7).

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