AUD/USD on the defensive in Asia after closing 0.43% lower on Tuesday

Undermined by risk aversion & a flight to safety on Middle East tensions

Inability to build on its gains despite several positive factors weighs

Waning upside momentum, strong chart resistances prompt a corrective drop

Optimism on a China economic recovery, iron-ore rally support

Resistance 0.6900-05, 0.6920-25, support 0.6855-60, 0.6820-25

Strong resistance at 0.6949-62, 76.4% of Jan-Oct 2023 drop & 55-month MA

Tuesday range 0.68575-0.69345

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