AUDUSD : Analysis

OvervieW:
AUD/USD–to trade with bearish bias. Undermined by dovish Reserve Bank of Australia’s Quarterly Statement on Monetary Policy; positive dollar sentiment; Aussie sales on soft AUD/NZD cross. But AUD/USD losses tempered by firmer commodity prices; Aussie demand on AUD/JPY cross amid positive risk appetite.

Data focus:
0030 GMT Australia September lending finance, October NAB business survey.
Technical Comment:
Daily chart negative-biased as MACD & stochastics bearish, although latter at oversold; five- & 15-day moving averages declining.

Support at 0.9340 (Monday’s low); breach would expose downside to 0.9278 (Sept. 30 reaction low), then 0.9265 (100-day moving average) and 0.9220 (Sept. 13 low).

Resistance at 0.9394 (Monday’s high); breach would expose upside to 0.9479 (Friday’s high), then 0.9542 (Wednesday’s high), 0.9622 (Oct. 28 high) and 0.9671 (Oct. 24 high, near 200-day moving average).

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