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Better-than-expected Chinese data has boosted Asian equities and risk appetite across markets.
- China October Services PMI came in at 52.0 vs 50.5 last, a 3-month high, while the composite stood at 49.9 vs 48.00 last
- Australian retail sales also came in line with expectations at 0.4% for the month of September
- AUD/USD has broken above the stiff 0.72 resistance and is currently trading at 0.7218, slightly lower that day's highs at 0.7224
- Upside in the pair seems to be capped at 20 DMA BY 0.7225, breach above could see the pair at 0.7260 levels and then to 0.7280
- Daily price action has edged above the cloud, Stochs and RSI point North, the is scope for further upside towards 200 DMA at 0.7281
Recommendation: Good to buy on break above 0.7225, SL: 0.7170, TP: 0.7280
Resistance Levels:
R1: 0.7225 (20 DMA)
R2: 0.7257 (Oct 27 high)
R3: 0.7281 (100 DMA)
Support Levels:
S1: 0.7182 (Daily Tenkan)
S2: 0.7178 (cloud base)
S3: 0.7150 (Oct 7 lows)
