FxWirePro: AUD/USD breaks above 110-EMA, Aussie buoyed on upbeat China retail sales and industrial production data

AUD/USD chart - Trading View 

AUD/USD breaks above 110-EMA, hits 7-day highs at 0.7035.

Aussie buoyed after upbeat China retail sales and industrial production data.

China's data dump released over the weekend showed China's Q2 GDP came inline with expectations at 6.2%.

Retail sales was up +9.8%, beating expectations at +8.3% and +8.6% last. Industrial output y/y was at +6.3% also more than +5.2% expected and +5.0% last. 

Upbeat data boosted the Aussie across the board. AUD/USD spikes past 110-EMA resistance.

The major was trading 0.21% higher on the day at 0.7032 at 04:10 GMT.

Technical indicators support gains in the pair. Cloud top offers immediate resistance at 0.7035. Break above will see further gains till 200-DMA at 0.7091.

Major trend is bearish. Failure to breakout of daily cloud will see resumption of weakness. Bearish invalidation only above 200-DMA.

Support levels - 0.7025 (110-EMA), 0.6982 (5-DMA), 0.6958 (cloud base)

Resistance levels - 0.7035 (cloud top), 0.7091 (200-DMA), 0.71

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.