The Australian Dollar (AUD) edges lower against the US Dollar (USD) following two days of gains, as Australia's mixed Producer Price Index (PPI) data for the third quarter was released on Friday.
The Australia n Dollar edges lower following the mixed Producer Price Index data released on Friday. China’s Caixin Manufacturing PMI rose to 50.3 in October, up from September’s 49.3, surpassing the expected 49.7 reading. The US Dollar has struggled since the Personal Consumption Expenditures - Price Index data released on Thursday.
6550, potentially re-entering the descending channel. A successful return would reinforce the bearish bias, pushing the pair toward the key psychological level of 0.6500, followed by the channel's lower boundary near 0.6480. Regarding resistance, AUD/USD could challenge the nine-day Exponential Moving Average at 0.6604. A break above this level may bolster the pair, potentially paving the way to the psychological level of 0.6700.
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