19 Jan 2016
AUD/USD: awaits key data from China
FXStreet (Guatemala) - AUD/USD is set for a roller-coaster in Asia with China yet steering the markets. China will report its GDP for Q4 long with retails sales and industrial production data released at the same time. Chinese Q4 GDP is expected at 1.7% QoQ and at 6.8% YoY.
AUD/USD met supply again on the recent recovery from 0.6843 reaching the 50 sma on the hourly chart and highs of 0.6928 through 0.6898 where it stands today.
Meanwhile, risk-off sentiment is likely to keep the antipodeans contained as commodities struggle and observers monitor the effects on the Australian economy and speculate on how the RBA's subsequent concerns will affect the bank's thinking on monetary policy.
AUD/USD levels
Technically speaking, Valeria Bednarik, chief analyst at FXStreet explained that the downside is still favored. "In the 4 hours chart, the price has accelerated below a bearish 20 SMA, while the technical indicators head sharply lower below their mid-lines, after failing to gain positive territory."
AUD/USD met supply again on the recent recovery from 0.6843 reaching the 50 sma on the hourly chart and highs of 0.6928 through 0.6898 where it stands today.
Meanwhile, risk-off sentiment is likely to keep the antipodeans contained as commodities struggle and observers monitor the effects on the Australian economy and speculate on how the RBA's subsequent concerns will affect the bank's thinking on monetary policy.
AUD/USD levels
Technically speaking, Valeria Bednarik, chief analyst at FXStreet explained that the downside is still favored. "In the 4 hours chart, the price has accelerated below a bearish 20 SMA, while the technical indicators head sharply lower below their mid-lines, after failing to gain positive territory."