FxWirePro: AUD/USD erases early gains, finds stiff resistance at 21-EMA

AUD/USD chart - Trading View 

AUD/USD was trading 0.11% lower on the day at 0.7258 at around 7:30 GMT, after closing 0.55% higher in the previous session.

Renewed concerns about China's property sector and looming U.S. labour data keeps investors in a cautious mood.

Concerns remain that a collapse at Evergrande could hurt an already fragile Chinese economy and drag on global growth.

On the data front, U.S. labour data (due Friday) is expected to show continued improvement in the job market.

US economy is forecast to have added 460,000 jobs in September - enough to keep the Federal Reserve on course to begin tapering before year's end.

Further, in the week ahead, the Reserve Bank of Australia meets on Tuesday and is expected to keep policy steady. 

Technical bias for the pair is bearish as long as the pair holds below 21-EMA resistance. Decisive break above could change near-term dynamics. 

Rejection at 21-EMA and retrace below cloud will see downside resumption. Supports on the downside align at 0.7244 (cloud base), 0.7231 (5-DMA).