AUD/USD keeps the red near 3-week lows post-Chinese macro data


  • Remains depressed for the fourth session in the previous five.
  • Mixed Chinese macro data does little to influence the move.
  • Investors now eye US retail sales figures for a fresh impetus.

The AUD/USD pair managed to recover few pips from three-week lows, albeit seemed struggling to extend the momentum further beyond the 0.6900 handle post-Chinese macro data.

The pair remained under some selling pressure for the third consecutive session, also marking the fourth day of negative move in the previous five and retreated farther from last Friday’s post-NFP swing high to one-month tops.

Growing market concerns over a further escalation in the US-China trade tensions, coupled with increasing bets for further RBA rate cut move in the coming months had been weighing heavily on the China-proxy Australian Dollar.

This coupled with the recent US Dollar rebound - despite firming market expectations that the Fed will cut rates by the end of this year, further collaborated to the pair's ongoing slide to sub-0.6900 level, the lowest since May 24. 

Meanwhile, Friday's mixed Chinese macro releases - showing an unexpected decline in Fixed Asset Investment and Industrial Production, largely offset by stronger monthly retail sales figures, did little to provide any meaningful impetus.

Moving ahead, Friday's economic docket also highlights the release of US monthly retail sales, which might now be looked upon for some short-term trading opportunities later during the early North-American session.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6903
Today Daily Change -0.0013
Today Daily Change % -0.19
Today daily open 0.6916
 
Trends
Daily SMA20 0.6932
Daily SMA50 0.7009
Daily SMA100 0.7064
Daily SMA200 0.7117
Levels
Previous Daily High 0.6939
Previous Daily Low 0.6901
Previous Weekly High 0.7022
Previous Weekly Low 0.6927
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6915
Daily Fibonacci 61.8% 0.6924
Daily Pivot Point S1 0.6898
Daily Pivot Point S2 0.688
Daily Pivot Point S3 0.686
Daily Pivot Point R1 0.6936
Daily Pivot Point R2 0.6957
Daily Pivot Point R3 0.6974

 

 

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