AUD/USD remaining under wraps on China trade data miss

Early Asia markets saw the AUD take a step down on bad China data.
With little Aussie representation on the economic calendar this week, China remains the key AUD driver.

Joshua Gibson FXStreet

AUD/USD continues to trading near 0.7180, remaining firmly underbid and south of the 0.7200 handle after China's Trade Balance figures for Monday sent risk appetite in the Pacific session back a few steps.

Worsening economic conditions in China continue to knock economic figures lower for the broader Chinese economy, dragging the Aussie lower as the two closely-knit economies get sent further down by bad data.

The AUD kicked off the new trading week on a hopeful note, clipping into the 0.7220 region before China's huge Trade Balance miss sent the pair down, and AUD/USD looks set to price in a bearish turnaround for the new week.

AUD/USD Technical Analysis

AUD/USD

Overview:
    Today Last Price: 0.7179
    Today Daily change: -25 pips
    Today Daily change %: -0.347%
    Today Daily Open: 0.7204
Trends:
    Previous Daily SMA20: 0.7096
    Previous Daily SMA50: 0.7188
    Previous Daily SMA100: 0.7177
    Previous Daily SMA200: 0.7331
Levels:
    Previous Daily High: 0.7236
    Previous Daily Low: 0.7175
    Previous Weekly High: 0.7236
    Previous Weekly Low: 0.7089
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Previous Daily Fibonacci 38.2%: 0.7213
    Previous Daily Fibonacci 61.8%: 0.7198
    Previous Daily Pivot Point S1: 0.7174
    Previous Daily Pivot Point S2: 0.7144
    Previous Daily Pivot Point S3: 0.7113
    Previous Daily Pivot Point R1: 0.7235
    Previous Daily Pivot Point R2: 0.7266
    Previous Daily Pivot Point R3: 0.7296

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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