- AUD/USD struggles to extend gains beyond 0.7690 (major trendline resistance).
- The pair has edged lower to currently trade around 0.7675 levels.
- Australian stocks trade positive amid higher Aus bonds and commodities’ prices after mixed China data.
- Data released earlier today showed that although Chinese economic grew steadily in Q3, exports and industrial production continue to remain sluggish.
- AUD/USD continues to hold break above 20-DMA currently at 0.7624, bias higher.
- Technicals on daily charts are bullish, RSI,Stochs biased higher, MACD shows bullish crossover on signal line.
- Major support levels - 0.7630 (5-DMA), 0.7624 (20-DMA), 0.76, 0.7581 (Oct 17 low)
- Major resistance levels - 0.7690 (trendline), 0.7760 (Aug 11 high), 0.78, 0.7835 (Apr 21 high)
- Our previous call (http://www.econotimes.com/AUD-USD-hovers-around-076-handle-edges-lower-from-session-highs-at-07621-350374) is progressing.
Recommend holding for targets. Bullish invalidation below 0.7620
