FxWirePro: AUD/USD hovers around 110-EMA support, Aussie tracks gains in S&P 500 futures

AUD/USD chart - Trading View 

AUD/USD managed to regain some lost ground on Thursday as the Australian dollar remains buoyed amid a goodish rebound in the US equity futures.

The major was trading 0.48% higher on the day at 0.7074 at around 09:30 GMT, after closing 1.23% lower in the previous session.

The Australian dollar ignored an above-forecast drop in Q3 imported inflation, but dovish RBA to keep downside pressure.

Data released on Wednesday showed Australia headline consumer price index (CPI) rose a steep 1.6% in the September quarter, marginally retracing the June quarter’s record 1.9% plunge.

Further, Australia's consumer confidence published by the National Australia Bank (NAB) improved to -10 in the third quarter from the preceding quarter's -15.

The pair trades with a bearish bias. After extending range trade between 55 and 110 EMAs, the pair is on track to extend weakness.

Price action is hovering around 110-EMA support and break below will see drag till 23.6% Fib at 0.6963 ahead of 200-DMA at 0.6798.

5-DMA is immediate resistance at 0.7099. Bearish invalidation only above daily cloud.