AUD/JPY remains bid despite weaker-than-expected China GDP


  • AUD/JPY keeps gains as upbeat China Retail Sales overshadow dismal GDP numbers. 
  • The above-forecast Chin Industrial Production and risk-on support the AUD. 

AUD/JPY continues to trade in green even though the data released soon before press time showed China's economy expanded less-than-expected in the third quarter. 

China's quarter-on-quarter gross domestic product (GDP) came in at 2.7%  versus expectations for 3.2% and down from the second quarter's 11.5% reading. The annualized GDP printed at 4.9%, also missing the forecast of 5.2%. 

Even so, the China-sensitive AUD is keeping gains. AUD/JPY is currently trading at 74.81, representing a 0.33% gain on the day. 

AUD's resilience could be attributed to the better-than-expected Retail Sales and Industrial Production numbers for September. As represented by Retail Sales, consumer spending rose 3.3% year-on-year, beating the estimate of 1.8% growth by a big margin. Meanwhile, Industrial Production increased by 6.9% versus a forecast of 5.8%. 

Besides, risk-on action in financial markets could be helping the AUD keep gains. Asian stocks are up alongside gains in the S&P 500 futures on renewed expectations for additional US fiscal stimulus and coronavirus vaccines before the end of the year. 

Technical levels

AUD/JPY

Overview
Today last price 74.87
Today Daily Change 0.25
Today Daily Change % 0.34
Today daily open 74.62
 
Trends
Daily SMA20 75.29
Daily SMA50 76.2
Daily SMA100 75.5
Daily SMA200 72.87
 
Levels
Previous Daily High 74.83
Previous Daily Low 74.39
Previous Weekly High 76.52
Previous Weekly Low 74.26
Previous Monthly High 78.36
Previous Monthly Low 73.97
Daily Fibonacci 38.2% 74.56
Daily Fibonacci 61.8% 74.67
Daily Pivot Point S1 74.4
Daily Pivot Point S2 74.18
Daily Pivot Point S3 73.96
Daily Pivot Point R1 74.84
Daily Pivot Point R2 75.06
Daily Pivot Point R3 75.28

 


 

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