FxWirePro: AUD/USD extends choppy trade below 21-EMA, dismal China data dents antipodeans

AUD/USD chart - Trading View 

AUD/USD was trading 0.40% lower on the day at 0.7340 at around 09:05 GMT.

The pair is extending weakness as the antipodeans remain depressed after dismal China data.

China's factory output and retail sales growth slowed sharply and missed expectations in July. 

Industrial production increased 6.4% YoY in July, against expectations for 7.8% growth and compared to 8.3% rise in June.

Retail sales increased 8.5% last month, missing forecast for a 11.5% increase and compared to June's 12.1% uptick.

Average new home prices in China's 70 major cities rose 0.3% in July from a month earlier, slowing from a 0.5% gain in June.

China's new home prices also rose at the slowest pace in six months in July, as authorities further tightened rules to curb speculative moves in the property market.

Technical bias for the pair remains bearish. Upside remains capped at stiff resistance at 21-EMA.

Price action is below cloud and 'Death Cross' keeps scope for further downside. 

110-week EMA is immediate support at 0.7308. Break below will see dip till 200-week MA at 0.7222.

On the flipside, decisive break above 21-EMA will see some upside. Bearish invalidation only above daily cloud.