AUD/USD analysis: holding below 0.7800

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7771

AUD/USD holding ground, but struggling for next direction.
Lighter calendar ahead for the Aussie.

The AUD/USD pair was little changed for a second consecutive range, stable around 0.7760/70 for most of the day. The Aussie fell during the past Asian session, but the decline was well-limited, and quickly reverted. The decline was triggered by mixed Chinese data and the RBA meeting' minutes, which showed that, while policymakers agree that the next move will be up, it won't take place anytime soon. China Q1 GDP resulted at 6.8% YoY, beating market's forecast of 6.7%, and matching the last quarter of 2017. Retail Sales were up in February by 10.1%, beating market's expectations of 9.9% although in the same month, Industrial Production grew by less-than-expected, up 6.0% vs. the expected 6.2%. The macroeconomic calendar will be lighter this Wednesday, with Australia releasing its Westpac Leading Index for March and China the House Price Index for the same month. The pair is neutral-to-bullish according to technical readings in the 4 hours chart, developing above a modestly bullish 20 SMA, and with technical indicators lacking directional strength within positive territory. The pair is also above the 0.7740 Fibonacci level, which limits the risk of a downward move.

Support levels: 07740 0.7700 0.7765

Resistance levels: 0.7785 0.7820 0.7850

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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