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31 Oct 2018
AUD/USD Technical Analysis: tests key trendline support after false breakout, dismal China PMI release
- 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
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Trend: Bullish invalidation
AUD/USD
Overview:
Last Price: 0.7085
Daily change: -21 pips
Daily change: -0.296%
Daily Open: 0.7106
Trends:
Daily SMA20: 0.7093
Daily SMA50: 0.7175
Daily SMA100: 0.7282
Daily SMA200: 0.7504
Levels:
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