AUD/USD dips further towards 0.76 the figure ahead of key data events
|- AUD/USD making tracks to the downside ahead of Tokyo open.
- AUD/USD to find support for upbeat data expectations?
AUD/USD After dropping from the 10-Day SMA in Europe's morning, AUD/USD opened up at 0.7650 in NY and was pressured lower with AUD/JPY falling on the back of Wall Street tanking. A low of 0.7616 was made while some follow-through has been seen ahead of Tokyo's open and key data ahead later in the shift. AUD/USD has been Currently, AUD/USD is trading at 0.7617, down -0.13% on the day, having posted a daily high at 0.7628 and low at 0.7609.
- Wall Street pares early losses to end day slightly higher
- RBA continued to reinforce its neutral monetary policy trajectory - UOB
Event Risk
The day is about to pick up with key data o the cards. Analysts at Westpac offered their outlook for the day ahead:
"Australia: Oct NAB business survey is released with conditions having held an elevated level through the year but showing uneven results across sectors.
China: Oct retail sales are expected to edge up to a 10.4%yr pace, while industrial production holds at a robust 6.7%yr ytd with PMIs pointing to continued momentum, and fixed asset investment is seen to slow to 7.3%yr ytd from 7.5%yr in Sep - a deceleration Westpac expects to continue through 2018."
AUD/USD levels
AUDUSD: Near term support arrives at 0.7616
Valeria Bednarik, chief analyst at FXStreet explained that 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," Valeria added.
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