AUD/USD analysis: hurdle of Chinese data to affect the Aussie

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7418

Chinese trade balance figures for July seen posting solid growth despite tariffs.
Australian Westpac Consumer Confidence for August up next.

The AUD/USD pair peaked at 0.7439, once again being unable to surpass the critical resistance area. The pair held on to gains above the 0.7400 level at the end of the day, thanks to the strong momentum in worldwide indexes. The RBA had its monthly monetary policy meeting early Tuesday but as largely expected it kept the official cash rate at 1.5% as expected for the 24th consecutive month, while the accompanying statement showed a modest improvement on the economic outlook, except for household consumption. Overall, nothing really relevant to see there. The macroeconomic calendar will be quite a busy one overloaded with Chinese and Australian data, including an RBA's Governor Lowe speech. Chinese trade figures, including exports and imports for July which could affect Aussie, one of its major trade partners. The pair holds at the upper end of its usual range, but the upward momentum faded, as usual lately when it nears the 0.7440/50 region. In the 4 hours chart, the price is well above its moving averages, with the 20 SMA heading north below the larger ones, while technical indicators retreated from nearly overbought readings, holding so far in positive levels, somehow indicating a limited downward potential. As commented on previous updates, the pair would need to surpass 0.7483, July's high, to become more attractive to bulls.

Support levels: 0.7400 0.7370 0.7330

Resistance levels: 0.7445 0.7485 0.7520

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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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