AUD/USD headed to 0.6750 amid poor Chinese data, risk-aversion


  • Aussie wilts on risk-off, a big miss on Chinese activity numbers, global growth woes.
  • Downside looks more compelling amid a quiet US docket, ahead of Australian jobs.

The risk-off sentiment remains the main underlying theme in Wednesday’s European trading, denting the appetite for the higher-yielding assets such as the Australian dollar. Therefore, the AUD/USD pair prints fresh daily lows near 0.6760 region, having failed to sustain above the 0.68 handle in the Asian trades.

Poor Chinese data flow overshadows US-China trade optimism

The Aussie came under fresh selling pressure after a renewed risk-aversion wave gripped Europe, with S&P 500 futures dropping -0.50% and Treasury yields nearly 1.5% across the curve.

The European markets were spooked by growing German recession fears while a big miss on the Chinese Retail Sales, Industrial Production and Fixed Asset Investment data reinforced Chinese slowdown fears, collaborating to the downside in the Chinese proxy, the AUD.

Moreover, Hong Kong protests combined with falling commodities’ prices further undermine the sentiment around the spot. Also, the overnight optimism fuelled after the US delayed the tariffs on some Chinese goods until December faded, as markets remain wary ahead of the US-China trade talks scheduled next month.

Meanwhile, upbeat Australian Wage Price Index was shrugged-off by the markets, as all eyes now remain on Thursday’s key Australian jobs data amid a data-dry US docket today. The Australian jobs data will offer fresh hints on the Reserve Bank of Australia’s (RBA) interest rates outlook.

AUD/USD Technical levels

AUD/USD

Overview
Today last price 0.6763
Today Daily Change -0.0034
Today Daily Change % -0.50
Today daily open 0.6797
 
Trends
Daily SMA20 0.6881
Daily SMA50 0.693
Daily SMA100 0.6979
Daily SMA200 0.7068
Levels
Previous Daily High 0.6818
Previous Daily Low 0.6747
Previous Weekly High 0.6822
Previous Weekly Low 0.6676
Previous Monthly High 0.7082
Previous Monthly Low 0.6832
Daily Fibonacci 38.2% 0.6791
Daily Fibonacci 61.8% 0.6774
Daily Pivot Point S1 0.6757
Daily Pivot Point S2 0.6716
Daily Pivot Point S3 0.6685
Daily Pivot Point R1 0.6828
Daily Pivot Point R2 0.6859
Daily Pivot Point R3 0.6899

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD drops below 1.11 amid upbeat US data, trade concerns

EUR/USD is trading below 1.11 after robust US housing figures and solid consumer sentiment figures were published. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD down 100 pips after UK retail sales badly disappoint, amid USD strength

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold looks to close week flat below $1560

The XAU/USD pair climbed to a fresh daily high of $1560 in the early trading hours of the American session but struggled to preserve its momentum.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures