AUD/USD upside faltered near 200-day SMA around 0.7300

The Aussie Dollar comes under downside pressure today.
The weekly recovery halted around 0.7300, or 200-day SMA.
Weaker-than-expected Chinese data weigh on AUD.

Pablo Piovano FXStreet

After two consecutive daily advances, AUD/USD met a fresh wave of selling bias and is now trading on the defensive around 0.7260.

AUD/USD offered post-Chinese data

The weekly upside in the pair met a strong resistance in the 0.7300 neighbourhood on Thursday, where is also located the critical 200-day SMA.

The recent recovery in the commodity complex in response to a weaker greenback, auspicious data in the Australian economy and renewed sentiment helped spot to rebound from lows in the 0.7070 region. However, today’s Chinese Caixin manufacturing PMI disappointed expectations, deepening further into the contraction territory and re-igniting at the same time jitters over a Chinese slowdown.

Moving forward, the greenback will be in centre stage later in the session following the publication of January’s Non-farm Payrolls, the ISM Manufacturing and the final gauge of the U-Mich index.

AUD/USD levels to watch

At the moment the pair is losing 0.14% at 0.7259 and a breakdown of 0.7236 (low Feb.1) would open the door to 0.7147 (21-day SMA) and finally 0.7075 (low Jan.25). On the other hand, the next resistance aligns at 0.7295 (2019 high Jan.31/200-day SMA) seconded by 0.7302 (high Nov.8 2018) and then 0.7394 (monthly high Nov.29 2018).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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