AUD/USD retreats from multi-day high to 0.6650 despite upbeat Aussie/China data

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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 price0.6651
Today Daily Change-2 pips
Today Daily Change %-0.03%
Today daily open0.6653

 

Trends
Daily SMA200.6501
Daily SMA500.6308
Daily SMA1000.6489
Daily SMA2000.6659

 

Levels
Previous Daily High0.6676
Previous Daily Low0.6537
Previous Weekly High0.6617
Previous Weekly Low0.641
Previous Monthly High0.657
Previous Monthly Low0.598
Daily Fibonacci 38.2%0.6623
Daily Fibonacci 61.8%0.659
Daily Pivot Point S10.6568
Daily Pivot Point S20.6483
Daily Pivot Point S30.6429
Daily Pivot Point R10.6707
Daily Pivot Point R20.6761
Daily Pivot Point R30.6846