AUD/USD opened Monday's trade at 0.7118, down from a peak of 0.7160 on Friday, briefly dipped below 0.7100 on broad US Dollar strength.
The pair has recovered since and is currently holding above the 0.71 barrier, trading at 0.7112, hourly Tenkan at 0.7115 capping upside in the pair for now, next resistance is seen at 0.7120 (Daily Tenkan)
AUD has been resilient in face of crumbling commodities/'risk-off', underpinning the Aussie was also the speculation that the RBA would hold rates for the next couple of months at least.
Daily price action has dipped below the cloud, but strong support is located at 0.7090 (5 DMA, Channel top), breaks below could take the pair to next support ( ) at 0.7067
AUD/USD still looks a good buy on dips, Enter around 0.7100 levels, SL: 0.7065 TP: 0.7150
R1: 0.7120 (Daily Tenkan)
R2: 0.7133 (Cloud Top)
R3: 0.7137 (50 DMA)
S1: 0.7100 (10 DMA)
S2: 0.7090 (5 DMA, support)
S3: 0.7067 ( 29th & 30 th Oct )