FxWirePro: AUD/USD muted post mixed China data dump, scope for upside on break above 1H 200 SMA

AUD/USD chart on Trading View used for analysis

• AUD/USD is trading largely muted as we head into the EU session.
   
• The major was largely unfazed by a mixed China data dump. 
   
• China’s October retail sales y/y printed at 8.6% vs 9.1% expected and 9.2% last. Industrial output y/y stood at 5.9%, slightly above the 5.7% expected and 5.8% last.
   
• Meanwhile, urban investment y/y increased to 5.7% vs 5.5% expected and 5.4% last. October property investment y/y stood at 9.7% vs. 9.9% last and jobless rate arrived at 4.9% vs. 4.9% previous.
   
• AUD/USD is trading with a slightly bullish tone on the intraday charts, we see scope for upside on breakout at 1H 200 SMA. 
   
• Immediate resistance lies at 20W SMA at 0.7248 ahead of 23.6% Fib at 0.7584.
   
• 1H 55 EMA is immediate support at 0.7214, break below to see weakness till 21-EMA at 0.7178.
   
• Focus on US CPI data due later today along with Australia jobs data for direction.

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