- AUD/USD has broken major trendline support at 0.7635, bias remains bearish.
- The pair hit fresh multi-month lows at 0.7609 before paring losses to currently trade at 0.7630.
- Aussie was supported post upbeat NAB business conditions which hit a record high of 8 in October.
- However, NAB-led rally failed to sustain after China Oct data dump which was downbeat across all indicators.
- The sluggish data dragging AUD/USD off session highs at 0.7638.
- Technical studies are also weaker, scope for test of 0.75 (78.6% Fib).
Support levels - 0.7632 (61.8% Fib), 0.7625 (Oct 27 low), 0.7571 (July 5 low), 0.75 (78.6% Fib retrace of 0.7328 to 0.8125 rally)
Resistance levels - 0.7652 (5-DMA), 0.7697 (200-DMA), 0.7706 (20-DMA), 0.7726 (50% Fib retrace of 0.7328 to 0.8125 rally)
Recommendation: Good to go short on rallies around 0.7635/45, SL: 0.77, TP: 0.76/ 0.7570/ 0.75
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