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  • The AUD/USD pair printed an intraday low of 0.7073 a few minutes before press time and is currently trading just above the support of the trendline connecting the Oct. 26 low and Oct. 29 low.
  • The inverse head-and-shoulders breakout failed earlier today and the pair fell back below 0.71 after Australian data showed that inflation growth slowed in the third quarter.
  • Further, China manufacturing PMI fell to 50.2 in October, the lowest reading in over two years, sending the AUD down to the trendline support. Acceptance below that level may allow a re-test of the recent low of 0.7021 (Friday’s low).
  • On the higher side, 0.7122 (Asian session high) is the level to beat for the bulls.

Hourly Chart

Trend: Bullish invalidation


       Last Price:  0.7085
       Daily change:  -21  pips
       Daily change:  -0.296%
       Daily Open:  0.7106
       Daily SMA20:  0.7093
       Daily SMA50:  0.7175
       Daily SMA100:  0.7282
       Daily SMA200:  0.7504
       Daily High:  0.7124
       Daily Low:  0.7054
       Weekly High:  0.7128
       Weekly Low:  0.702
       Monthly High:  0.7316
       Monthly Low:  0.7085
       Daily Fibonacci 38.2%:  0.7097
       Daily Fibonacci 61.8%:  0.7081
       Daily Pivot Point S1:  0.7065
       Daily Pivot Point S2:  0.7025
       Daily Pivot Point S3:  0.6995
       Daily Pivot Point R1:  0.7135
       Daily Pivot Point R2:  0.7165
       Daily Pivot Point R3:  0.7205