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AUD/USD chart - Trading View
AUD/USD was trading 0.24% lower on the day at 0.7075 at around 05:40 GMT, outlook bearish.
The pair is set for more downside as risk-off market sentiment keeps the antipodeans under pressure.
Technical studies also support downside in the pair. Momentum is strongly bearish. Price action has slipped below daily cloud.
Immediate support is seen at 110-EMA at 0.7040. Break below will see test if 23.6% Fib retracement at 0.6963 ahead of 55W EMA at 0.6915.
On the flipside, 20-DMA is immediate resistance at 0.7137. Major resistance lies at 200W MA at 0.7242. Bullish continuation only on break above.
Focus now on key US data for further impetus. U.S. retail sales data for the month of September is expected to grow 1.5 percent sequentially. Consumer Sentiment data will also be watched for signs of improvement.
