- The AUD/USD has charted a large bullish relative strength index (RSI) divergence on the 15-minute chart. Further, the MACD is biased toward the bulls.
- As a result, the stage looks set for a recovery rally above the falling trendline resistance, currently located at 0.7106.
- The bullish technical setup on the 15-min chart would gain more credence if the China data – Q3 GDP, September retail sales and industrial production – beat estimates. The data is scheduled for release at 2:00 GMT.
- Should the China data miss estimates, then the pair could regain bearish bias by falling below the overnight low of 0.7089.
15-minute Chart
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Spot Rate: 0.71
Daily High: 0.7104
Daily Low: 0.7089
Trend: Mildly bullish
R1: 0.7106 (trendline hurdle)
R2: 0.7160 (Oct. 17 high)
R3: 0.7204 (50-day exponential moving average)
Support
S1: 0.7085 (Sept. 11 low)
S2: 0.7041 (Oct. 8 low)
S3: 0.70 (psychological level)
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