FxWirePro: AUD/USD bounces off strong trendline support, holds above 5-DMA

AUD/USD chart on Trading View used for analysis

• AUD/USD has bounced off strong trendline support, bias higher.
   
• The pair is holding above 0.71 handle and finds strong support at 5-DMA.
   
• Majot trend in the pair remains bearish, but we could see further upside till 55-EMA at 0.7231.
   
• Break below 5-DMA could see resumption of weakness, dip till 0.7025 (trendline support) likely.
   
• Broader sell-off in global stock markets is likely to keep high-beta currencies like the AUD under pressure.
   
• Focus also on RBA Meeting Minutes along with the latest Australia Unemployment numbers for September.

Support levels - 0.7100 (5-DMA), 0.7085 (Sept 11 low), 0.7040 (Oct 8 low)

Resistance levels - 0.7150 (21-EMA), 0.72, 0.7231 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.