AUD/USD: plenty event risks within bearish trend

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7029 with a high of 0.7032 and a low of 0.7000.

AUD/USD staged a minor recovery from 0.6938 as the close of business last week after a down number of sessions, stemming from 0.7279. AUD/USD has the Chinese data this week to contend with and further disappointments below 50 or even further contraction in the manufacturing sector will usually weigh on the Aussie and would leave the 0.70 vulnerable yet again to the downside.

Apart from that risk event, today could pick up with the Fed’s favoured inflation measure in the PCE readings from the US shift tonight. Then, of course the Nonfarm Payrolls will be the highlight at the end of the week with the October FOMC in mind.

AUD/USD downside levels

Technically, risks to the downside below the 200 SMA at 0.7106 today exposes the psychological 0.70 level that guards 0.6940and then 0.6905 recent low and also the 0.6774 2004 low. 0.7200 would alleviate immediate downside pressures.
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Source:: FX Street