AUD/USD Forecast Oct. 19-23 – Aussie Slides On Soft Job Numbers

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AUD/USD Technical Analysis

Technical lines from top to bottom:

We start with resistance at 0.7294 (mentioned last week).

The round number of 0.7200 is next.

0.7087 is an immediate resistance line.

0.7008 is the first support level. It is protecting the symbolic 0.7000 line.

0.6937 has provided support since mid-July.

0.6841 is an important monthly resistance line.

0.6732 is the final support line for now.

I am neutral on AUD/USD

The Australian dollar continues to show volatility and the currency took a tumble last week. The Chinese economy is showing growth, and a solid Chinese GDP could give a boost to the Aussie this week. At the same time, weak global demand for Australian goods continues to weigh on the currency.

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