FxWirePro: AUD/USD edges lower ,bearish outlook persists

• AUD/USD eased slightly  on Tuesday   as trading remained subdued due to the China holiday, which reduced liquidity and limited broader market activity across Asian currencies.

• Broader currency sentiment also remained cautious as concerns over France's fiscal position and rising debt costs weighed on the euro, while a generally negative tone across global bond markets continued to support demand for the U.S. dollar.

• Markets will   focus on U.S. August international trade data due Tuesday. A Reuters poll expects the trade deficit to widen to around $102.0 billion. A larger-than-expected deficit could have implications for U.S. growth expectations and dollar sentiment,

• Meanwhile, Australian consumer sentiment deteriorated sharply in October, according to the latest Westpac survey.

• The Consumer Sentiment Index dropped 4.7% to 80.4 points, Westpac Banking Corp. said in a statement on Tuesday

• Immediate resistance is located at 0.6975(Daily high), any close above will push the pair towards 0.7000(50%fib).

• Support is seen at 0.6943(38.2%fib) and break below could take the pair towards 0.6904(Oct 2nd low ).

 Recommendation: Good to sell around 0.6970, with stop loss of 0.7050 and target price of 0.6900