• AUD/USD slipped lower on Friday as renewed risk-off sentiment swept across global markets.
• Global equity markets saw another round of tech-led declines on valuation worries and rising U.S.–China strains in AI trade, dampening sentiment toward risk-sensitive currencies like the Aussie.
• China’s exports unexpectedly declined in October after several months of front-loading shipments to avoid President Donald Trump’s tariffs, raising investor concerns about the broader economic impact of ongoing U.S.–China trade tensions.
•AUD is poised for a 1% weekly decline, the first in four weeks, reflecting the Reserve Bank of Australia’s firm stance at its November meeting.
• Markets still expect one more rate cut from Reserve Bank of Australia, most likely in May next year, though there remains a small risk that the current easing cycle has already ended with the cash rate at 3.6%.
• Immediate resistance is located at 0.6496(38.2%fib), any close above will push the pair towards 0.6515(SMA 20).
• Support is seen at 0.6435 (Lower BB) and break below could take the pair towards 0.6420(23.6%fib).
Recommendation: Good to sell around 0.6490, with stop loss of 0.6600 and target price of 0.6430
