FxWirePro: AUD/USD tanks over 1%, dips below 0.73 handle

 

• AUD/USD halted a nine-session winning streak and edged lower as weak stocks influence a drop in risk appetite & linked currencies
   
• Price action has dipped into the cloud, RSI and Stochs are biased lower and at overbought levels, some correction likely in the near-term
   
• Weak Chinese import data reinforced worries over China's external demand and weighed heavily on the AUD
   
• China trade balance came in at 376.20 bn yuan (expected $292.41 bn yuan), exports were -1.1% (expected -7.4%), while imports were -17.7% (-16.5% expected)
   
• AUD/USD is currently trading at 0.7294, with immediate resistance at 0.73 (Psychological level) and good support into 0.7280 for now, Sept high & hourly lows in that area 
   

Resistance Levels:

R1: 0.73 (Psychological level) 

R2: 0.7363 (Session High Oct 13)

R3: 0.7365 (100-Day MA)

Support Levels:

S1: 0.7266 (4h Kijun)

S2: 0.7291 (Session Low Oct 13)

S3: 0.7246 (Daily Low Oct 9)