AUD/USD: Muted reaction to mixed China data

AUD/USD sees little action following the mixed batch of China data.
While Industrial Production ticked higher as expected, Retail Sales growth slowed in November.

Omkar Godbole FXStreet Contributor

China's first-tier economic data released Monday painted a mixed picture of the world's second-largest economy and failed to elicit a strong reaction from the Aussie dollar pairs.

As represented by Retail Sales, China's consumer spending rose 5% year-on-year in November versus 5.2% expected and 4.3% previous. Industrial Production rose versus 7% as expected, following October's 5.9%.

While the uptick in the factory output is good news for the commodity-sensitive AUD, so far, the currency pair has struggled to gather upside traction. That's possibly because markets are forward-looking and might be worried about rising prospects of the economically-painful hard coronavirus lockdowns across the advanced world. Besides, the weak Retail Sales number weakens the China economic rebound story.

The AUD/USD pair continues to trade largely unchanged on the day near 0.7535, having printed a high of 0.7546 in early Asia.

The Reserve Bank of Australia's December meeting minutes released early Tuesday showed policymakers stood ready to boost stimulus if required. The dovish tone, however, failed to move the Aussie dollar. RBA's Kearns was out on the wires, stating that Australia's banks are better prepared than they were during the 2008 crash.

Technical levels

AUD/USD

Overview
Today last price	0.7535
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.7534

Trends
Daily SMA20	0.7392
Daily SMA50	0.7252
Daily SMA100	0.723
Daily SMA200	0.6904

Levels
Previous Daily High	0.7592
Previous Daily Low	0.7524
Previous Weekly High	0.7572
Previous Weekly Low	0.7372
Previous Monthly High	0.7438
Previous Monthly Low	0.699
Daily Fibonacci 38.2%	0.7549
Daily Fibonacci 61.8%	0.7566
Daily Pivot Point S1	0.7508
Daily Pivot Point S2	0.7482
Daily Pivot Point S3	0.744
Daily Pivot Point R1	0.7576
Daily Pivot Point R2	0.7618
Daily Pivot Point R3	0.7644

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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