11 Nov 2015
AUD/USD sees little action after China data
FXStreet (Mumbai) - The AUD/USD pair remained largely unchanged around 0.7065 after the data in China showed a drop in the factory output and a resilient household spending.
Rejected at 5-DMA
The pair turned lower from its 5-DMA located at 0.7078 earlier today. So far the Aussie has remained resilient to a drop in the industrial production. Overall, the China data showed the rebalancing process is well under way as the factory output continues to drop, while the consumption (retail sales) remains resilient.
Copper prices too have seen little action post China data. Ahead in the day, the pair could track the movement in Copper and other metals. The USD could make a comeback in case the European desks begin pricing-in a December Fed rate hike.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7078 (5-DMA), above which the pair could test 0.71 handle. A break above the same would expose 0.7127 (50-DMA). On the other side, support is seen at 0.7048 (hourly 50-MA) and 0.70 levels.
Rejected at 5-DMA
The pair turned lower from its 5-DMA located at 0.7078 earlier today. So far the Aussie has remained resilient to a drop in the industrial production. Overall, the China data showed the rebalancing process is well under way as the factory output continues to drop, while the consumption (retail sales) remains resilient.
Copper prices too have seen little action post China data. Ahead in the day, the pair could track the movement in Copper and other metals. The USD could make a comeback in case the European desks begin pricing-in a December Fed rate hike.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7078 (5-DMA), above which the pair could test 0.71 handle. A break above the same would expose 0.7127 (50-DMA). On the other side, support is seen at 0.7048 (hourly 50-MA) and 0.70 levels.