AUD/USD stuck in tight range around 0.7155

Digesting Trump’s comments on China GDP while global growth concerns continue to weigh.
Bulls await the sentiment on the Tokyo open for the next push higher.

Dhwani Mehta FXStreet

The AUD/USD pair continues to trade around a flat line near the 0.7155 level in early trades, having faltered the recovery from 0.7140 troughs amid a cautious risk environment, as markets digest the latest Chinese GDP numbers and the downward revision to the global growth outlook by the International Monetary Fund (IMF).

The Chinese GDP report showed that the country’s economic growth slowed down to 6.4% in Q4 2018, the weakest since 1990. Meanwhile, the bulls derive support from the latest comments by the US President Trump, as he called for China to reach a “Real” trade deal following the dismal economic growth figures.

Further, markets await fresh trading impetus from the Tokyo open, as the US holiday-led thin trading has had virtually no impact on the spot. In the day ahead, the focus remains on the US-China trade-related headlines and the US existing home sales data for near-term trading opportunities. In the meantime, the pair will continue to take its cues from the risk trends and USD dynamics.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7156
    Today Daily change: -0.0012 pips
    Today Daily change %: -0.17%
    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

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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