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AUD/USD mixed and choppy; bearish bias

FXStreet (Barcelona) - AUD/USD is trading at 0.8790, up 0.13% on the day, having posted a daily high at 0.8817 and low at 0.8746.

AUD/USD remains choppy trading and fundamentally, for the short term at least, the improvement in the recent Chinese Production and GDP provides some support to the AUD. However, the inline CPI in Australia overnight deflated the currency on a "steady as she goes" RBA outlook for Novembers meeting and leaves us with a mixed outlook for the pair still.

The USD is likely to be the main driver from here on, with CPI there surprising to the upside by 0.1% and then we will get the FOMC next week. Karen jones, chief analyst at Commerzbank explained that AUD/USD continues to hold at the 0.8660/43 supports (January low and the recent low). “We suspect the market is consolidating ahead of further losses but we remain unable to rule out a deeper retracement to the 38.2% retracement at 0.8933, where we suspect that the will struggle”. She added, “Beyond this near term rebound we remain negative and look for a retest of support circa 0.8660/43 and continue to target the 0.8550 50% retracement of the move from 2009”.

AUD/USD noteworthy levels

With spot trading at 0.8791, we can see next resistance ahead at 0.8791 (Daily Classic PP), 0.8813 (Daily 20 SMA), 0.8817 (Daily High), 0.8823 (Daily Classic R1) and 0.8829 (Weekly High). Support below can be found at 0.8789 (Hourly 20 EMA), 0.8779 (Daily Open), 0.8778 (Hourly 100 SMA), 0.8762 (Hourly 200 SMA) and 0.8759 (Yesterday's Low).

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