AUD/USD chart on Trading View used for analysis
- AUD/USD has edged higher after sideways grind for the past few sessions.
- The pair has bounced off major trendline support and has edged above 5-DMA.
- Rise in China's unwrought copper and iron ore imports likely to keep a bid under the Aussie.
- Meanwhile, China's trade surplus to CNY 213.23 billion in September, beating estimates at CNY 136.2 billion by a big margin.
- Technical indicators are turning slightly bullish. RSI is now biased higher and Stochs are on verge of rollover from oversold levels.
- Scope for test of 20-DMA at 0.7177. Break above to see further upside. Next major resistance lies at 55-EMA at 0.7236.
Support levels - 0.7096 (5-DMA), 0.7030 (trendline)
Resistance levels - 0.7177 (20-DMA), 0.7236 (55-EMA), 0.73 (23.6% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.