AUD/USD jumps 23 pips on better-than-expected China industrial production figure

AUD/USD jumped 23 pips from session lows, possibly on the back of an above-forecast China industrial production data.
The recovery could be short-lived, as China's Q4 GDP printed at the lowest level since early 2009.

Omkar Godbole FXStreet Contributor

The AUD/USD pair jumped 23 pips to 0.7177 soon before press time, courtesy of a better-than-expected China data.

China's industrial production rose to 5.7 percent year-on-year in December, beating the forecast of 5.3 percent by a big margin. The above-forecast reading could be taken a sign the global demand may not be as weak as previously thought. Meanwhile, retail sales ticked higher to 8.2 percent in December as expected.

Still, the AUD risks falling back to session lows near 0.7150 as China's growth rate in the fourth quarter slowed to 6.4 percent year-on-year - the lowest since early 2009 - more so because both the PBOC and the Chinese government are unlikely to introduce a flood-like stimulus to support the ailing economy.

As of writing, the AUD/USD is trading at 0.7166. Thursday's low of 0.7147 is the level to beat for the bears. On the higher side, 0.7235 (Jan. 11 high) is the key resistance.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7155
    Today Daily change: -0.0013 pips
    Today Daily change %: -0.18%
    Today Daily Open: 0.7168
Trends:
    Daily SMA20: 0.7112
    Daily SMA50: 0.7183
    Daily SMA100: 0.7172
    Daily SMA200: 0.7317
Levels:
    Previous Daily High: 0.7215
    Previous Daily Low: 0.7161
    Previous Weekly High: 0.7226
    Previous Weekly Low: 0.7146
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Daily Fibonacci 38.2%: 0.7182
    Daily Fibonacci 61.8%: 0.7194
    Daily Pivot Point S1: 0.7148
    Daily Pivot Point S2: 0.7128
    Daily Pivot Point S3: 0.7095
    Daily Pivot Point R1: 0.7202
    Daily Pivot Point R2: 0.7235
    Daily Pivot Point R3: 0.7255

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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