FxWirePro: AUD/USD hit 2-week highs above 0.73 handle, RBA minutes and China data dump support gains

AUD/USD chart - Trading View 

AUD/USD was trading 0.63% higher on the day at 0.7335 at around 05:30 GMT after closing largely unchanged in the previous session.

The pair has bounced off  strong support at 21-EMA, has has hit 2-week highs above 0.73 handle and is on track for further gains. 

Price action has ignored 'Bearish divergence' on the daily charts and is set to resume upside as RBA minutes and China data dump support gains.

The Reserve Bank of Australia minutes flashed mildly positive signals as the central bank reiterated the policymakers’ cautious optimism with a no to increase cash rate target.

On the data front, China’s August month Industrial Production grew past-5.1% forecast to 5.6% whereas Retail Sales crossed 0.1% market consensus with +0.5% readings.

Challenges to the risk-on mood amid persistent US-China trade war fears likely to keep check on gains.

That said, technical analysis supports gains. Price is consolidating break above 200W MA and is set to resume upside to hit fresh multi-year highs.