AUD/USD is offered through the 0.85 handle again after a not very convincing attempt to the upside to close the bearish gap. The pair had climbed from the lows through 0.8435 and beyond 0.8520 resistance only to fail on a second bout of supply there. There just isn’t the demand of the Aussie in light of the volatility and risk sentiment despite some unwinding in the greenback.
Up today we have the RBA where the Central Bank is expected to leave the official cash rate unchanged at 2.5% and building permits data that are likely to draw the attention. In respect of levels, the pair remains in negative territory and the longer-term downside indicators warn of territory below the 0.85 handle still with RSI only starting to approach oversold territory with further room to go.
For the upside, further unwinding of the greenback may prevail as the week progresses ahead of Nonfarm payrolls as the main event on the docket and 0.8540 continues to remain as key resistance ahead of space to 0.8600 and more neutral territory.
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