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AUD/USD creeping lower in bear trend

FXStreet (Guatemala) - AUD/USD is trading at 0.8757, down -0.24% on the day, having posted a daily high at 0.8783 and low at 0.8757.

AUD/USD is testing the downside within it’s recent choppy trading action within the bear channel. The latest bit of news came in from the NAB Business Confidence for Q3 that read 6 vs 6 previous.

The Aussie may continue to hold up vs the greenbacks advances across the board on the basis of the recent Chinese Production and GDP results unless we get something significant from the US, or else where, which heavily favours the US dollar. Up next, we will get the Chinese HSBC Manufacturing PMI. Consensus is 50.2, unchanged from Sep and consistent with only sluggish expansion. Analysts at Westpac however said that they see risks of a surprise “skewed slightly higher”, which could well keep the bears caged up ahead of key support here and the S1 , 0.8747.

AUD/USD noteworthy levels

With spot trading at 0.8758, we can see next resistance ahead at 0.8763 (Hourly 200 SMA), 0.8780 (Daily Open), 0.8780 (Hourly 100 SMA), 0.8781 (Hourly 20 EMA) and 0.8783 (Daily High). Support below can be found at 0.8757 (Daily Low), 0.8752 (Weekly Classic PP), 0.8747 (Daily Classic S1), 0.8746 (Yesterday's Low) and 0.8744 (Weekly Low).

Australia National Australia Bank's Business Confidence (QoQ) unchanged at 6 in 3Q

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