FxWirePro: AUD/USD slips lower from session highs, downbeat China's industrial profit growth weighs

Chart - Courtesy Trading View 

AUD/USD was trading 0.10% lower on the day at 0.7215 at around 10:50 GMT.

The pair has slipped lower from session highs at 0.7242 as the antipodeans remain under pressure.

Rising covid cases across the globe along with disappointing China's industrial profit growth dent the commodity currency.

Data released by the statistics bureau showed on Monday that profits at China's industrial firms grew at a much slower pace in November.

China's industrial firms' profits rose 9.0% on-year in November to 805.96 billion yuan ($126.54 billion), well off the 24.6% gain reported in October.

For the January-November period, industrial firms' profits rose 38.0% year-on-year to 7.98 trillion yuan, slower than the 42.2% rise in the first 10 months of 2021.

Tumbling prices of some raw materials, a faltering property market and weaker consumer demand weighed on corporate profits.

AUD/USD is extending weakness for the second straight session. Price action has found stiff resistance at 55-EMA.

Major bias remains bullish as long as pair holds above 200-week MA. Resumption of upside will see test of 110-EMA at 0.7309.

5-DMA is immediate support at 0.7208, breach below will see dip till 21-EMA at 0.7180. Bullish invalidation likely below 200-week MA at 0.7175.