FxWirePro: AUD/USD recovers from multi-year lows, holds above 0.69 handle

Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-unable-to-hold-gains-above-5-DMA-tests-06920-support-143126) has acheived targets.

• On the day, AUD/USD ignores slump the Asian markets amid falling oil prices, and edges higher from seven-year lows at 0.6827 hit on Friday.
   
• Recovery seems to have gathered pace over the last hours backed by strong rebound in  the copper prices.
   
• The copper futures on the COMEX jumps +1.13% to $ 1.97/ pound, bouncing-off multi-year lows struck at 1.937 levels.
   
• Recovery lacks conviction, the pair has edged lower after hitting highs at 0.6927, -DMA at 0.6938 capping upside.
   
• Market focus now on China data-deluge, including the GDP, industrial production and retail sales due tomorrow. US CPI report will also have major impact on the pair.
   
• The pair finds immediate resistance at 0.6938 (5-DMA) and support at 0.6834 (session lows)