FxWirePro: NZD/USD retains bearish bias, upbeat New Zealand trade surplus data fails to impress Kiwi bulls
FxWirePro: AUD/USD tests intraday lows after China Retail Sales, Industrial Production disappoint
AUD/USD chart - Trading View
AUD/USD was trading largely muted on the day 0.7152 at around 05:25 GMT.
Aussie depressed across the board after poor China data dump released earlier today.
Retail Sales unexpectedly declined by 1.1% following June's 1.8% drop. Industrial Production rose 4.8% year-on-year in July, missing the forecast for a 5.1% rise.
Weaker than expected prints of Industrial Production and Retail Sales negate the upbeat Fixed Asset Investment figures of -1.6% YoY.
Reserve Bank of Australia (RBA) Governor Phillip Lowe in a testimony before the House of Representatives' Standing Committee on Economics said that intervention to lower the AUD exchange rate would not be a successful strategy.
Lowe continues to testify before the House of Representatives' Standing Committee on Economics and headlines could impact price action.
The pair finds stiff resistance at 200W MA at 0.7254. Bearish divergence keeps scope for downside.
21-EMA is immediate support at 0.7121. Break below will see dip till 50-DMA at 0.7013.