Currently, AUD/USD is trading at 0.7995, down -0.01% on the day, having posted a daily high at 0.8023 and low at 0.7964.
AUD/USD is consolidating back below the 0.80 handle in a volatile market today. The US dollar has caught a bid, but currently flat on the day in the DXY having been down earlier in the shift, trading between 91.988 - 92.375.
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The markets are fickle while risks appetite ebbs on the N.Korean risk while otherwise, the commodity sector is roaring (copper well bid +0.84%) and half the market is still looking for yield with the benchmark 10years higher today at 2.1029%, up + 2.10% on the session so far. It is worth keeping an eye on copper that has moved through a key intermediate-term swing resistance level while the Aussie has not and could play catch up on a break of resistance 0.8020. For the day ahead, there could be a catalyst in the trade balance and retail sales figures for July.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that according to the 4 hours chart, the pair has room to extend its advance, given that the intraday decline met buying interest around a bullish 20 SMA, and also the 61.8% retracement of its latest daily decline, at 0.7965.
"In the same chart," Valeria added, "technical indicators are slowly aiming to regain the upside after a period of consolidation within a positive territory. Beyond the mentioned daily high, the pair has scope to extend its gains up to 0.8065, the yearly high set last July."
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