AUD/USD chart - Trading View
AUD/USD was trading 0.17% higher on the day at 0.7039 at around 05:15 GMT.
The pair is edging higher from multi-week lows, but upside lacks traction as risk-tone is wobbly amid virus woes.
The Aussie benefited from Australia’s mixed economics as well as the broad based US dollar’s retracement. Fears of delay in the US stimulus keep dollar depressed.
Data released earlier today showed Australia’s Private Sector Credit weakened below 0.2% forecast to 0.1% in September whereas Q3 Producer Price Index (PPI) defied -0.7% expectations and printed at -1.2%.
Risk aversion and dovish RBA expectations likely to keep downside pressure on the pair. Upside capped at 110-EMA.
RSI converges with price action. Volatility is rising. GMMA indicator shows minor trend is strongly bearish.
Bears eye next immediate support at 23.6% Fib at 0.6963. Further weakness will see test of 200-DMA at 0.6799.
