- AUD/USD halted a nine-session winning streak and edged lower as weak stocks influence a drop in risk appetite & linked currencies
- Price action has dipped into the cloud, RSI and Stochs are biased lower and at overbought levels, some correction likely in the near-term
- Weak Chinese import data reinforced worries over China’s external demand and weighed heavily on the AUD
- China trade balance came in at 376.20 bn yuan (expected $292.41 bn yuan), exports were -1.1% (expected -7.4%), while imports were -17.7% (-16.5% expected)
- AUD/USD is currently trading at 0.7294, with immediate resistance at 0.73 (Psychological level) and good support into 0.7280 for now, Sept high & hourly lows in that area
Resistance Levels:R1: 0.73 (Psychological level) R2: 0.7363 (Session High Oct 13)R3: 0.7365 (100-Day MA)Support Levels:S1: 0.7266 (4h Kijun)S2: 0.7291 (Session Low Oct 13)S3: 0.7246 (Daily Low Oct 9)
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