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AUD/USD upside running out of steam?

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7084 with a high of 0.7111 and a low of 0.7042.

AUD/USD remains on the bid with a positive theme in October. We are up to test the 200 SMA on the 4hr chart as an extension of the minor recovery from the second lowest level in September at 0.6938.

The price is now awaiting the RBA for further direction. It is one of three banks meeting and if any one of them are to make a move and surprise markets it is likely to be the RBA according to analysts at Brown Brothers Harriman.

"The headwinds emanating from China and through a negative terms of trade shock are still feeding through the economy."

AUD/USD levels

Technically, Karen Jones, chief analyst at Commerzbank explained they continue to target the September low at 0.6940. "Below it lies the 0.6905 recent low and also the 0.6774 2004 low. We note the 13 count on the 240 minute chart and may see a small rebound very near term, but this should ideally remain capped by 0.7050/75."

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