AUD/USD Current Price: 0.6869
- RBA Meeting Minutes to be out during the upcoming Asian session.
- Chinese data missed the market’s expectations a negative sign for the Aussie.
- AUD/USD neutral-to-bearish in the short-term, sellers still aligned around 0.6900.
The AUD/USD pair remained within familiar levels and without clear directional strength at the beginning of the week, despite the negative ruling sentiment. Chinese data released at the beginning of the day was generally discouraging, as Retail Sales in the country were up by 7.5% YoY in August, missing the market’s expectations of 7.9% while Industrial Production in the same period resulted at 4.4%, below the expected 5.2% and the previous 4.8%. The pair bottomed for the day at 0.6853 during US trading hours as the American currency firmed up against most major rivals and Wall Street opened with sharp losses, with equities recovering just modestly ahead of the close. During the upcoming Asian session, Australia will release the House Price Index for the second quarter of the year, and the Minutes of the latest RBA monetary policy meeting.
AUD/USD short-term technical outlook
The AUD/USD pair remains unable to advance beyond a Fibonacci resistance, the 50% retracement of the July/August decline, despite multiple attempts to break above it. Selling interest continues aligned ahead of the 0.6900 level. In the 4 hours chart, the pair is right below a flat 20 SMA, but still above the 100 and 200 SMA. Technical indicators in the mentioned chart have recovered from daily lows, but remain in negative territory, skewing the risk toward the downside without confirming it. The bearish case will strengthen on a break below 0.6830, the immediate support.
Support levels: 0.6830 0.6800 0.6770
Resistance levels: 0.6885 0.6920 0.6950
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