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Chart - Courtesy Trading View
AUD/USD was trading 0.08% lower on the day at 0.7296 at around 06:40 GMT.
The pair pared some losses and has edged higher from session lows at 0.7262.
Aussie largely ignores upbeat Australia’s wage growth data and the pair remains under pressure amid broad-based US dollar strength.
Data released by the Australian Bureau of Statistics (ABS) showed earlier today that the country’s Wage Price Index for Q3 rose 0.6%, marginally above 0.5% forecasted.
The pair slipped below daily cloud and break below major trendline support at 0.7250 will plummet prices further.
Support levels - 0.7292 (daily cloud), 0.7250 (trendline)
Resistance levels - 0.7312 (5-DMA), 0.7356 (50-DMA)
Summary: AUD/USD pivotal at cloud support. Momentum is bearish, volatility is high, MACD and ADX support weakness. Break below 0.7250 will see dip till 0.7170.
