- AUD/USD defends a crucial technical line as Australian data beats estimates.
- A close above resistance near 0.7220 is needed to revive the bullish view.
AUD/USD is bouncing up from the support of the trendline rising from Sept. 25 and Oct. 7 lows.
At press time, the currency pair is trading at 0.7168, representing a 0.13% gain on the day, having tested the ascending trendline support of 0.7154 a few minutes ago.
Australia’s Consumer Confidence receded to 11.9% in October from September’s 18%; however, the actual figure bettered the estimate of 9.9%. The above-forecast data may have helped the AUD/USD pair hold the uptrend line.
Despite the rising trendline’s defense, the immediate bias remains neutral, and a break above the technical line falling from Sept. 1 and Sept. 16 highs is needed to revive the broader uptrend.
Currently, the descending trendline is located at 0.7222. A close above that level would expose the Sept. 16 high of 0.7345. Alt4ernatively, acceptance below 0.7154 would confirm a bearish reversal and may yield a re-test of the September low of 0.7006.
Daily chart
Trend: Neutral
Technical levels
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