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AUD/USD: about to continue bear trend?

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7265 with a high of 0.7294 and a low of 0.7198.

AUD/USD has been trying to recover from the overnight supply in Asia after the speculation that the RBA might cut interest rates in November due to a local bank hiking rates on home loans and Chinese data that underpinned the tone of a downturn in the economy through the CPI misses.

AUD/USD has drifted from the dizzy heights of 0.7380 to making lows of 0.7198 and has recovered on a drift from the support of the 200 SMA that trades at 0.7212 today to score 0.7293 the recent high. This resistance came at the descending 50 SMA on the hourly chart. Today, the price was supported in the US on poor retail sales and PPI's, but Fed's Lacker explained that the data does not change the fundamental outlook, while still not sure if a rate hike will come this month.

AUD/USD downside open below 0.7200

Technically, in the broader trend, while below the 200 DMA at 0.7594 the outlook is bearish. Today has seen a test of the key 0.7200 level and the 200 SMA on the hourly chart. Closes below here open up the case for a test of the September low at 0.6940 ahead of the 0.6905 recent low and the 0.6774 2004 low.

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