AUD/USD retreats from multi-day high to 0.6650 despite upbeat Aussie/China data
by Anil Panchal- AUD/USD bulls pause after refreshing fresh highs since March 09.
- China’s Industrial Profits dropped less than prior, Australia’s Construction Work Done also recovered.
- Looming US sanctions on China, likely protests in Hong Kong challenge the previous risk-on sentiment.
- Qualitative catalysts will gain major attention amid a light calendar.
AUD/USD pays little heed to better than forecast data while declining to 0.6645, down 0.08% on a day, amid the Asian session on Wednesday.
While Australia’s first quarter (Q1) Construction Work Done bounced of -3.0% prior and -1.5% forecasts to -1.0%, China’s Industrial Profits for April shrank 4.3% YoY versus the previous fall of 34.9%.
Markets’ previous optimism, backed by hopes of economic restart and virus cure, seems to have faded off-late. The reason could be cited from US President Donald Trump’s signals to levy fresh sanctions on China. Also stopping the risk-takers were concerns highlighted by Reuters suggesting a major protests brewing inside Hong Kong.
As a result, US 10-year Treasury yields pair their previous day’s run-up whereas stocks in Australia register mild losses by the press time.
Considering the lack of major data/events up for publishing during the rest of the Asian session, traders will keep eyes on the US-China tussle for fresh clues. It should also be noted that any updates concerning the Hong Kong protests will add downside pressure on the AUD/USD pair.
Technical analysis
Buyers remain cautious unless the pair registers a daily closing beyond 200-day SMA level around 0.6660, which in turn highlights the monthly support line, currently around 0.6460, for sellers.
Additional Important levels
Overview | |
---|---|
Today last price | 0.6651 |
Today Daily Change | -2 pips |
Today Daily Change % | -0.03% |
Today daily open | 0.6653 |
Trends | |
---|---|
Daily SMA20 | 0.6501 |
Daily SMA50 | 0.6308 |
Daily SMA100 | 0.6489 |
Daily SMA200 | 0.6659 |
Levels | |
---|---|
Previous Daily High | 0.6676 |
Previous Daily Low | 0.6537 |
Previous Weekly High | 0.6617 |
Previous Weekly Low | 0.641 |
Previous Monthly High | 0.657 |
Previous Monthly Low | 0.598 |
Daily Fibonacci 38.2% | 0.6623 |
Daily Fibonacci 61.8% | 0.659 |
Daily Pivot Point S1 | 0.6568 |
Daily Pivot Point S2 | 0.6483 |
Daily Pivot Point S3 | 0.6429 |
Daily Pivot Point R1 | 0.6707 |
Daily Pivot Point R2 | 0.6761 |
Daily Pivot Point R3 | 0.6846 |