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AUD/USD chart on Trading View used for analysis
- AUD/USD is trading 0.17% lower at 0.7092 at the time of trading.
- Disappointing Australian CPI and Chinese manufacturing PMI reports continue to weigh down on the sentiment.
- Q3 CPI came in largely at expectations, although the key q/q headline CPI missed forecasts slightly, coming in at 1.8% versus the expected 1.9%.
- Further, China manufacturing PMI fell to 50.2 in October, the lowest reading in over two years, sending the AUD further lower.
- The major hit session lows at 0.7072 before paring some losses to currently trade at 0.7092.
- Major trend for the pair remains bearish. We see stiff resistance at 21-EMA at 0.7109.
- Bollinger bands are narrowing suggesting shrinking volatility, momentum studies are biased neutral.
- Focus now on US employment data for further direction.
Support levels - 0.7083 (5-DMA), 0.7040 (Lower BB)
Resistance levels - 0.7109 (21-EMA), 0.7182 (55-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
