AUD/USD supported at daily pivot post-mixed China data

Dhwani Mehta FXStreet

A slew of mixed Chinese economic data sent the AUD/USD lower from almost two-week peaks, with the bulls struggling hard to retain the bids over the last hours.

AUD/USD holds above daily pivot

Currently, the AUD/USD pair trades +0.07% higher at 0.7672, bouncing-off session lows struck at 0.7662. The Aussie continues to oscillate back and forth in a tight range, with the upside capped just below 0.7700 levels, while the downside remains cushioned at daily pivot.

Markets continue to digest mixed China data amid steady growth seen in the Chinese economy, thus, allowing a minor-consolidation phase in the AUD/USD pair

Next big event for the Aussie is the employment data due Thursday, while markets now await the US housing sector data due later in the NA session today.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7693 (Oct 4 high) above which gains could be extended to the next hurdle located 0.7707 (daily R3) and 0.7750 (psychological levels). On the flip side, the immediate support located at 0.7637 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7576 (100-DMA) and below that at 0.7511 (200-DMA).

1. R3 0.7765
2. R2 0.7728
3. R1 0.7697
PP 0.7661
1. S1 0.7630
2. S2 0.7593
3. S3 0.7562

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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