AUD/USD analysis: poised to break below 0.7600, Chinese data eyed
|AUD/USD Current price: 0.7624
- Aussie at its lowest in 4-month against the greenback.
- China to release multiple first-tier data that can affect the pair.
The AUD/USD pair fell to 0.7616, its lowest since last July, to settle around 0.7625, where it bottomed late October and early July. The Aussie got hit by the softer tone of commodities and a dollar's modest recovery in the American afternoon, as US equities managed to remain afloat, despite the sour tone of Asian and European equities. The Australian macroeconomic calendar will be quite busy this week, starting this Tuesday with the NAB's business confidence and conditions indexes for October, although the main figures will be employment ones, to be released next Thursday. Also, China will publish its October retail sales and industrial production figures during the next Asian session, which could also affect the AUD. Following a two-week consolidative phase, the pair resumed its dominant bearish trend, and technical readings in the 4 hours chart support a downward extension as the price accelerated below its 20 SMA, which slowly gains downward strength, while the RSI indicator maintains a bearish slope around 35. Below the mentioned daily low, the next support comes at 0.7570, where the pair bottomed a couple of times early July, followed by 0.7534, June 22nd daily low. The 0.7660 region is the immediate resistance, followed by the 0.7700 price zone, where selling interest has been aligned these last two weeks.
Support levels: 0.7615 0.7570 0.7535
Resistance levels: 0.7660 0.7695 0.7730
View Live Chart for the AUD/USD
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