Forex: AUD/USD dips to 5-day lows; still above 1.04

FXstreet.com (San Francisco) - The downward momentum for AUDUSD remains intact this Friday, having just broken to a fresh 5-day low of 1.0415. The drop comes despite the positive bias seen in regional equities, and is likely a result of a further price-in of an RBA rate cut next week after release of a soft Australian private sector credit reading for October in earlier trade. Spot seems to have found a short-term base at mentioned lows, with further support noted at 1.0404 (21-day EMA), 1.0395 (Oct 25 high) and 1.0360 (Sep 20 low). According to Christopher Keane, analyst at Keanefx, a rise back into the 'chop zone' at 1.0435 would favor further consolidation in the chop zone between 1.0485 and 1.0435. At the time of writing, AUDUSD stands at 1.0420.