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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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