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Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.28% lower on the day at 0.6729 at around 05:25 GMT
Previous Week's High/ Low: 0.6894/ 0.6761
Previous Session's High/ Low: 0.6787/ 0.6681
Fundamental Overview:
AUD/USD resumes weakness after the release of the mixed Chinese economic data.
China's quarterly Gross Domestic Product (GDP) has landed at -2.6%, lower than the prior release of 1.3% and the expectations of -1.5%.
On an annualized basis, GDP has tumbled to 0.4% from the consensus and the former figure of 1% and 4.8% respectively.
That said, the Industrial Production data has improved to 3.9% vs. 0.7% reported previously but remains lower than the estimates of 4.1%.
Further, Retail Sales printed at 3.1% much higher than the forecast of 0% and the prior print of -6.7%.
Technical Analysis:
- AUD/USD trades below major moving averages which are trending lower
- Price action is well below cloud and Chikou span is biased lower
- Momentum is bearish and volatility is high and rising
- ADX and MACD support further downside in the pair
Major Support and Resistance Levels:
Support - 0.6693 (Lower BB), Resistance - 0.6743 (5-DMA)
Summary: AUD/USD poised for further downside. The pair is on track to refresh multi-year lows.
