AUD/USD deflates from 2-week tops on Chinese data dump

Dhwani Mehta FXStreet

The AUD bulls remain unimpressed by in-line with expectations Chinese GDP figures, keeping the AUD/USD pair in familiar ranges near the upper bound of 0.76 handle.

AUD/USD rejected once again just shy of 0.77 handle

Currently, the AUD/USD pair trades +0.07% higher at 0.7672 easing from fresh near two-week highs struck at 0.7692. The Aussie trims gains following a series of Chinese macro releases, which painted a mixed picture of the Chinese economic outlook, and offered little impetus to the AUD. China is Australia’s top export destination.

However, the AUD/USD manages to defend the bids as sentiment remains underpinned by higher oil prices. While upbeat Aus Westpac Leading Index data also lends support to the major amid broad based USD weakness.

With the Chinese data dump out of the way, focus shifts to the US housing data and EIA crude oil inventory report due later in the NA session.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7693 (Oct 4 high) above which gains could be extended to the next hurdle located 0.7707 (daily R3) and 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7637 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7576 (100-DMA) and below that at 0.7511 (200-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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