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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

AUD/USD was trading 0.17% higher on the day at 0.7344 at around 05:20 GMT.

The pair is extending bounce off daily cloud support, edges above 5-DMA. 

The antipodeans buoyed by better than expected Chinese retail sales and industrial output data and weakness in their U.S. counterpart.

Data released earlier in the day showed China's industrial output and retail sales in October beat forecast, growing 3.5% and 4.9% respectively from the same period a year ago.

Major technical bias is bearish. Recovery attempts lack traction. Bullish continuation only above 21-EMA. 

Support levels - 0.7333 (5-DMA), 0.7292 (Daily cloud), 0.7245 (trendline)

Resistance levels - 0.73, 0.7377 (200H MA), 0.7384 (55-EMA)

Summary: AUD/USD recovery lacks traction. Decisive break above 200H MA could change near-term dynamics. 
 

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