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11 Mar 2015
AUD/USD wavers around 0.7600 post dismal China data
FXStreet (Mumbai) - AUD/USD keeps losses and recovers slightly from fresh six year lows in the late-Asian session, after a set of downbeat Chinese macro data disappointed markets.
AUD/USD unmoved by Chinese data
Currently, the AUD/USD trades lower by -0.24% at 0.7604 levels, retreating from fresh six year lows previously reached at 0.7588 levels. The Aussie remained little affected by sluggish China data, with fixed asset investment, industrial production and retail sales numbers missing market forecasts. The bearish China economic releases reinforce concerns of slowdown in Chinese economy, despite several measures by the government to ramp up growth. China is Australia’s top trading partner.
Moreover, the Aussie continues to be undermined by broad based USD strength coupled with worsening Australian consumer sentiment towards the OZ economy.
In the day ahead, US dollar is likely to remain the main driver for the pair, providing fresh direction on the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7645 levels, above which gains could be extended to 0.7685 levels. On the flip side, support is seen at 0.7580 (2009) levels from here it to 0.7550 (2009) levels.
AUD/USD unmoved by Chinese data
Currently, the AUD/USD trades lower by -0.24% at 0.7604 levels, retreating from fresh six year lows previously reached at 0.7588 levels. The Aussie remained little affected by sluggish China data, with fixed asset investment, industrial production and retail sales numbers missing market forecasts. The bearish China economic releases reinforce concerns of slowdown in Chinese economy, despite several measures by the government to ramp up growth. China is Australia’s top trading partner.
Moreover, the Aussie continues to be undermined by broad based USD strength coupled with worsening Australian consumer sentiment towards the OZ economy.
In the day ahead, US dollar is likely to remain the main driver for the pair, providing fresh direction on the Aussie.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7645 levels, above which gains could be extended to 0.7685 levels. On the flip side, support is seen at 0.7580 (2009) levels from here it to 0.7550 (2009) levels.