AUD/USD Technical Analysis: 15-min chart aligned for recovery rally ahead of the China data dump
|- The AUD/USD has charted a large bullish relative strength index (RSI) divergence on the 15-minute chart. Further, the MACD is biased toward the bulls.
- As a result, the stage looks set for a recovery rally above the falling trendline resistance, currently located at 0.7106.
- The bullish technical setup on the 15-min chart would gain more credence if the China data - Q3 GDP, September retail sales and industrial production - beat estimates. The data is scheduled for release at 2:00 GMT.
- Should the China data miss estimates, then the pair could regain bearish bias by falling below the overnight low of 0.7089.
15-minute Chart
Spot Rate: 0.71
Daily High: 0.7104
Daily Low: 0.7089
Trend: Mildly bullish
R1: 0.7106 (trendline hurdle)
R2: 0.7160 (Oct. 17 high)
R3: 0.7204 (50-day exponential moving average)
Support
S1: 0.7085 (Sept. 11 low)
S2: 0.7041 (Oct. 8 low)
S3: 0.70 (psychological level)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.