• AUD/USD rebounded on Friday as the Australian dollar gained ground, buoyed by a strong jobs report and positive GDP data from China.
• Chinese data showed gross domestic product (GDP) grew 4.6% in the third quarter, the slowest pace since early 2023, but retail sales, industrial output and investment data beat expectations in September.
• Data showed on Thursday that Australia’s economy added 64,100 jobs in September, well above forecast of 25,000, while the unemployment rate stayed at 4.1%.
• Often seen as a liquid alternative to the yuan, the Australian dollar rose by 0.14% to $0.6706.
• Immediate resistance is located at 0.6727 (38.2%fib), any close above will push the pair towards 0.6758(Oct 11th high).
• Support is seen at 0.6658(23.6%fib) and break below could take the pair towards 0.6634(Lower BB).
Recommendation: Good to sell around 0.6700, with stop loss of 0.6600 and target price of 0.6750
