AUD/USD analysis: Chinese data could shake the Aussie

AUD/USD Current price: 0.7872

  • China has a busy calendar ahead with Retail Sales, Industrial Production and FDI data.
  • Australia will present its Westpac Consumer Confidence Index for March.

The AUD/USD pair is little changed daily basis in the 0.7870 region, having peaked at 0.7897 during the peak of USD selling in the US afternoon. Nevertheless, selling interest around a major Fibonacci resistance, the 38.2% retracement of the December/January bullish run, rejected the advance, with the Aussie also weighed by the soft tone in equities. There are multiple events ahead coming from Australia, with RBA Assistant Gov. Kent speaking and the Westpac Consumer Confidence Index for March previously at -2.3%., although the AUD will likely be more affected by Chinese data. The country will unveil its January Retail Sales,  Industrial Production and FDI figures. Technically the pair is trading at the upper end of the last three weeks' range, and in the 4 hours chart, above a bullish 20 SMA and the 200 EMA, which skews the risk toward the upside, although technical indicators lost upward momentum and turned lower within positive territory while the pair remains unable to surpass the major resistance mentioned above. A clear break above it, however, should see the pair nearing the 0.8000 figure during the upcoming sessions.

Support levels: 0.7820 0.7775 0.7740

Resistance levels: 0.7890 0.7920 0.7955

View Live Chart for the AUD/USD

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