FxWirePro: AUD/USD paused upside, Aussie dented as China industrial profits drop for 1st time in 3 years

AUD/USD chart on Trading View used for analysis

• AUD/USD pauses upside and retreats below 5-DMA, as Aussie depressed by downbeat China data.
   
• Data released earlier today showed China's industrial profits dropped for the 1st time in 3 years.
   
• China’s industrial profits for December fell to -1.8% y/y versus 3.6% previous.
   
• Downbeat data reflects the slowing growth in sales and producer prices as well as rising costs.
   
• AUD/USD edges lower from session highs at 0.7077, currently trades at 0.7058, bias neutral.
   
• Major trend bearish. Next major support lies at 0.7021 (Oct 26 low)

Support levels - 0.7021 (Oct 26 low), 0.70

Resistance levels - 0.7063 (5-DMA), 0.71

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.