AUD/USD Soft on Doubts That China Rate Cut Can Halt Showdown

        0052 GMT [Dow Jones] AUD/USD is likely to trade in a lower range Tuesday as markets await RBA Deputy Gov. Lowe's speech the annual Australian Business Economists conference at 0900 GMT. The pair is undermined by rising doubts that the PBOC's interest rate cut on Friday can reverse the trend of slower growth in China, Australia's biggest trading partner. The daily chart is tilting negative as the MACD and slow stochastic indicators are turning bearish. Support is at 0.8589 (this morning low); a breach would target 0.8564 (Thursday's low), then 0.8538 (four-year low hit Nov. 7); below which would expose downside to 0.8314 (July 1, 2010, reaction low). Resistance is at 0.8700 (Monday's high); a breach would tilt the near-term outlook positive, targeting 0.8722 (Friday's high), then 0.8746 (Nov. 18 high). Spot AUD/USD is at 0.8605. (jerry.tan@wsj.com)
        (END) Dow Jones Newswires

        November 24, 2014 19:52 ET (00:52 GMT)

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