FxWirePro: AUD/USD largely muted on slightly upbeat China data dump, hovers around 200-DMA, bias neutral

• Aussie failed to benefit from slightly upbeat Chinese macro releases, keeps AUD/USD rangebound.
   
• China May industrial production came-in at 6.5% y/y, beating the estimate of 6.3%. 
   
• Retail sales printed at 10.7%, bettering the estimate of 10.6%. 
   
• Meanwhile, the urban investment (YTD) growth cooled to 8.6% from the April’s figure of 8.9%.
   
• The pair is extending range trade, remains stuck between 100-DMA & 200-day MA.
   
• Focus now remain on the FOMC decision due later in the NA session for fresh impetus on the greenback.
   
• Outcome for Australia employment for May (due Thursday) will also be closely watched. Unimpressive data could add to AUD/USD downside.
   
• Break above 100-DMA will see resumption of upside. Scope then for test of channel top at 0.7715.
   
• Momentum on weekly charts is bullish. Price action is above weekly cloud and RSI and Stochs are biased higher.

Support levels - 0.7530 (200-DMA), 0.75, 0.7489 (38.2% Fib 0.7749 to 0.7328 fall)

Resistance levels - 0.7555 (100-DMA), 0.7588 (61.8% Fib), 0.7610 (Apr 17 high), 0.7632 (Mar 7 high)

Recommendation: Watch out for break above 100-DMA to go long, target 0.7585/ 0.7610/ 0.7630

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 36.0996 (Neutral), while Hourly USD Spot Index was at 11.7038 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.