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AUD/USD edges higher after failing to break 0.7100 on the day, currently trading at 0.7140
- Better than expected Chinese Manufacturing data and impressive Australian building permits lift AUD
- Long term momentum is bearish, pair likely to find tough resistance on the 0.72 handle
- RBA rate decision due at 0430 GMT, likely to stay on hold, statement expected to be largely unchanged
Resistance Levels:
R1: 0.7177 (Session High Aug 31)
R2: 0.7206 (Daily High Aug 28)
R3: 0.7221 (10-Day MA)
Support levels:
S1: 0.7082 (Session low August 31)
S2: 0.7070 (Daily Low Aug 26)
S3: 0.7044 (Daily Low Aug 24)
