FxWirePro: AUD/USD rangebound, struggles to extend gains after mixed Aussie and China data

AUD/USD chart - Trading View 

AUD/USD was trading largely rangebound on the day at 0.6901 at around 04:15 GMT.

The major was struggling to extend previous session's gains after mixed economic data from Australia and China failed to impress. 

Data released earlier today showed Aussie Building Permits suffered a bigger-than-expected decline in May, while China's Caixin PMI for June bettered estimates by a notable margin.

Building Permits in Australia fell by 16.4% month-on-month in May compared to forecasts for a 10% decline, having dropped by 1.8% in April.

China’s Caixin PMI rose to 51.2 in June, beating expectations for 50.5 and up from May’s print of 50.7. 

Further, upbeat comments from the People’s Bank of China (PBOC) to boost sentiment. The central bank said that China's economy gradually recovering, as the overall demand improves from a low level.

Technical bias for the pair supports upside. Major trend is bullish as evidenced by GMMA indicator. 

Price action holds above 21-EMA support, weakness only on break below. Momentum is bullish. Bounce off 21-EMA will see upside resumption. 

Major Support - 0.6852 (21-EMA)

Major Resistance - 0.6932 (110W EMA)