AUD/USD keeps lows near 0.9260

FXStreet (Edinburgh) - The demand for the Aussie dollar remains subdued at the start of the week, with the AUD/USD testing the area around 0.9260.

AUD/USD hurt by risk aversion

The AUD is following the rest of the risk-related universe to lower levels as risk-off sentiment seems to be creeping back to the markets. No data releases today in Oz leave spot to the mercy of the major risk trends, ahead of tomorrow’s House Price index and the Business Confidence gauged by NAB. “The AUD has made minimal progress so far in retracing the H1 2014 rally. But losses below 0.9305 (23.6% Fibonacci support) suggest the risks here are geared towards a drop back to 0.9182 (38.2% retracement and in line with the implications of the short-term chart) at least in the next few weeks”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

AUD/USD key levels

As of writing the pair is losing 0.13% at 0.9263 with the next support at 0.9239 (low Aug.8) ahead of 0.9229 9low Jun.3) and then 0.9210 (low May 29). On the flip side, a breakout of 0.9288 (high Aug.8) would expose 0.9358 (high Aug.7) and then 0.9376 (high Aug.6).