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.

Omkar Godbole FXStreet Contributor

15-minute Chart

Spot Rate: 0.71

Daily High: 0.7104

Daily Low: 0.7089

Trend: Mildly bullish

Resistance

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)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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