AUD/USD retreats from multi-week tops above 0.72 as impact of positive China data fades away

  • Retail sales in China rose more than expected in March.
  • US Dollar Index fails to hold above 97.
  • Next significant macro event: Labour market data from Australia.

Boosted by the strong macroeconomic data releases from China today, the AUD/USD pair advanced to its highest level since late February at 0.7205 before starting to consolidate its gains. As of writing, the pair was trading at 0.7190, adding 0.23% on a daily basis.

The data published by China's National Bureau of Statistics on Wednesday revealed that retail sales increased by 8.7% on a yearly basis in March to beat the analysts' estimate of 8.4% and industrial production expanded by 8.5% to beat the market expectation of 5.9% by a wide margin. Finally, the first-quarter GDP growth came in at 6.4% annually to match the previous reading.

In the second half of the day, the trade balance data from the U.S. and the Fed's Beige Book will be looked upon for fresh impetus. The US Dollar Index, which slumped to a daily low of 96.82 earlier today, is now inching closer to the 97 handle, forcing the pair to pull away from its highs. 

The next significant catalyst for the AUD will be the labour market report that will be released at 01:30 GMT on Thursday. Markets expect the employment change to come in at 12K in March following February's 4.6K reading and see the unemployment rate ticking up to 5%. 

Technical levels to consider


Today last price 0.7193
Today Daily Change 0.0018
Today Daily Change % 0.25
Today daily open 0.7175
Daily SMA20 0.7119
Daily SMA50 0.7108
Daily SMA100 0.7138
Daily SMA200 0.7192
Previous Daily High 0.718
Previous Daily Low 0.7139
Previous Weekly High 0.7193
Previous Weekly Low 0.7087
Previous Monthly High 0.7168
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7164
Daily Fibonacci 61.8% 0.7155
Daily Pivot Point S1 0.7149
Daily Pivot Point S2 0.7124
Daily Pivot Point S3 0.7108
Daily Pivot Point R1 0.719
Daily Pivot Point R2 0.7206
Daily Pivot Point R3 0.7231



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trims early gains, dangerously close to 1.1200

The positive tone of the pair fades in the American afternoon as demand for the dollar resumes, despite softer-than-expected US data. All eyes on the Fed this week.


GBP/USD extends decline, pierces 1.2550

Despite moving in slow-motion, GBP/USD decline is continuous with the pair trading at levels last seen in January, amid political uncertainty weighing on Sterling.


USD/JPY remains directionless above mid-108s on Monday

The USD/JPY pair is struggling to make a decisive move in either direction on Monday as the slightly upbeat market sentiment doesn't allow the safe-haven JPY to gather strength.


Gold remains on track to close with small losses below $1340

The XAU/USD pair, which closed higher on the weekly chart for the fourth straight time last week, is fluctuating in a relatively tight range on Monday amid a lack of significant fundamental drivers that had a lasting impact on the greenback's market valuation or the risk perception.

Gold News

Gold: Signs of bullish exhaustion ahead of the Fed

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision.

Read more