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AUD/USD rallies on inline retails sales

FXStreet (Guatemala) - AUD/USD is currently trading on the bid post Australian data, rallying from 0.7041 lows scoring 0.7055 from the off.

Retails Sales for Australia and the month of August came out as expected at 0.4% vs -0.1% previous and AUD/USD is up 10 pips. Yesterday, the official China Sep PMI that arrived at 49.8. The non manufacturing for Sep was at 53.4 vs pre 53.4.

The Caixin/Markit final PMI came in and beat the flash reading of 47.0 and arrived at 47.2.These were ok results, given the economic circumstances of China, however, analysts at Nomura explained that they are not good enough.

AUD/USD awaiting Nonfarm Payrolls

China is out on holiday again today, so we turn back to the US economy as next catalyst with Nonfarm Payrolls tonight. The ADP report earlier in the week was a positive result leaving expectations seen at around 201K. The unemployment is expected to be unchanged at 5.1%, while average hourly earnings are seen 0.2% M/M and 2.4% Y/Y. We will then hear from both the Fed's Bullard and Fischer.

AUD/USD bearish below 0.7080 resistance

The technical outlook remains bearish. 0.7080 resistance capped the pair on two occasions since yesterday';s data from China. Continued upside failures will bring back the focus to the 0.6905 psychological support and the 0.6774 2004 low. Above 0.7080, AUD/USD still has the 50 DMA at 0.7177 to contend with.

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