Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD struggles to extend gains, record low Chinese investment growth caps upside

  • Antopodeans dented, trade cautious amid a drop in Chinese investment growth.
     
  • AUD/USD is trading largely muted on the day, at 0.7192 at the time of writing.
     
  • Data released earlier today showed China's fixed-asset investment growth slowed to a record low of 5.3 percent in the first eight months of the year, missing the estimate of 5.5 percent.
     
  • A record low Chinese investment growth overshadowed upbeat China’s retail sales and industrial production data.
     
  • Attention now turns towards the US retail sales, industrial production and prelim UoM consumer sentiment data for fresh dollar trades, which will impact the major. 
     
  • Techincal studies show minor upside in the pair. Major trend remains bearish. 
     
  • Immediate resistance is seen at 21-EMA at 0.7223. Break above could see test of 55-EMA at 0.7315.

Support levels - 0.7156 (5-DMA), 0.71, 0.7085 (Sept 11 low)

Resistance levels - 0.7223 (21-EMA), 0.73, 0.7315 (55-EMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 128.87 (Bullish), while Hourly USD Spot Index was at -93.8753 (Bearish) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.