AUD/USD chart - Trading View
AUD/USD is consolidating previous session's losses, hovers around 21-EMA.
The Aussie remains largely unfazed by the mixed NAB Australian business survey.
Losses appear capped on the back of a rebound in the Chinese Yuan and firmer iron-ore prices.
Dalian iron ore jumps over 4% on supply risks and strengthening Chinese demand
Major trend is bearish and upside has been rejected at 55-EMA. 5-DMA has turned and is immediate resistance at 0.6972.
Technical indicators are turning slightly bearish. RSI is now below 50 and Stochs are on verge of rollover from overbought.
Break below 21-EMA confirms further downside, drag till 0.6815 (trendline) likely. Near-term upside only above 55-EMA.
On the data front focus shall be on U.S. NFIB Business Optimism Index and final PPI data.
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