FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

AUD/USD extends sideways grind as the risk-off impulse has rebounded across markets. The Australian dollar remains largely depressed after maintenance of a status quo by the People’s Bank of China (PBOC) and the downbeat Aussie employment data.

The PBOC held monetary policy unchanged despite the toil and turmoil in the economy and the lower inflation rate. On the data front, September’s payroll report showed the Australian economy has added mere 0.9k jobs vs. the expectations of 25k.

Technical Analysis:

- AUD/USD was trading 0.30% lower on the day at 0.6260 at around 05:05 GMT

- The pair is extending sideways grind at 5-DMA support, major trend remains bearish

- GMMA indicator shows major and minor trend are strongly bearish

- MACD and ADX support downside in the pair

- Price action is below cloud and Chikou span is biased lower

Major Support Levels: 0.6164 (Lower BB), 0.61

Major Resistance Levels: 0.6278 (200H MA), 0.6366 (20-DMA)

Summary: AUD/USD is trading with a bearish bias. Scope for pair to test fresh yearly lows below 0.6169.