AUD/USD regains 200-DMA, despite mixed Chinese data

The AUD/USD pair bounced-off lows and kept its brief recovery stint intact, despite mixed Chinese data dump, as the bulls continue to correct steep losses witnessed last week.

AUD/USD eyes 0.7600?

Currently, the AUD/USD pair rises +0.08% to 0.7550, extending recovery from 0.7524 – session lows. The Aussie remains largely unperturbed by weaker China’s industrial production and retail sales data, as the extended rally in copper prices continue to underpin the resource-linked AUD.

The Chinese October Industrial Production came in at 6.1% y/y versus expected 6.2%, prior was 6.1%, while retail sales also missed expectations, dropping to 10.0% y/y in Oct versus 10.7% expected and 10.7% last. While fixed asset investment data stood a tad better at 8.3% versus 8.2% expected.

However, the AUD/USD pair struggles to extend the bounce on the back of a broadly higher US dollar, as markets continue to cheer a Trump win, as dust settles over the US elections aftermath.

Later today, the major will continue to remain at the mercy of USD dynamics amid a data-empty US calendar. While Tuesday’s RBA meeting minutes and US retail sales data will be closely eyed for fresh impetus.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7580 (5-DMA) above which gains could be extended to the next hurdle located 0.7600 (psychological levels) and 0.7622/32 (50 & 20-DMA). On the flip side, the immediate support located 0.7524 (daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7500 (zero figure) and below that at 0.7469 (Sept 19 low).