AUD/USD analysis: nearing October high, Chinese data eyed
|AUD/USD Current price: 0.7890
- The imbalance between macro data underpinned Aussie's rally.
- Chinese trade figures to make it or break if to AUD/USD.
The AUD/USD pair reached its highest since last October, stalling his advance a few pips below the multi-month high set back then at 0.7896. The imbalance between macroeconomic data from both economies lifted the pair, as Australian retail sales surged 1.2% according to November's official release, the fastest pace in five years, amid Black Friday sales, while US employment and inflation data out this Thursday came in well below expected. The Aussie will face a major challenge during the upcoming hours, as the country will release its December trade and money figures. Stronger-than-expected imports will underpin the Australian currency, which could then retake the 0.7900 figure en route to 0.8000. The short-term technical picture is bullish, as the pair holds above a modestly bullish 20 SMA, while technical indicators have advanced to fresh one-week highs, maintaining their bullish slopes. The immediate resistance is the mentioned October high of 0.7896, with large spots suspected above it that once triggered will only fuel the dominant bullish trend.
Support levels: 0.7830 0.7800 0.7770
Resistance levels: 0.7895 0.7920 0.7945
View Live Chart for the AUD/USD
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